India is also planning regulations on cross-border insolvency to pursue foreign assets of a defaulting company
The Indian Bankruptcy Code lays down the Corporate Insolvency Resolution Process to be followed in handling corporate insolvency
The Reserve Bank of India asked banks to refer 12 major non-performing accounts to the National Company Law Tribunal for resolution
The implementation of the Insolvency and Bankruptcy Code is far from finished and new work is required
The bankruptcy law was enacted to ensure time-bound settlement of insolvency