Domestic Vs Cross-border insolvency - One more Committee set up
Published: Jan 24, 2020
By TIOL News Service
NEW DELHI, JAN 24, 2020: THE Insolvency Law Committee which examined the inputs received on cross-border insolvency has provide recommendations to the Committee on adoption of the UNCITRAL Model Law in india with the modifications as considered necessary by the ILC in the Indian context.
The Committee has also recommended a few carve outs to ensure that there is no inconsistency between the domestic Insolvency framework and the proposed Cross Border Insolvency Framework.
For smooth implementation of the cross border Insolvency provisions under the Insolvency & Bankruptcy Code, 2016 (Code) it has been decided to refer the matter to a committee to suggest its recommendation of proposed Cross Border Insolvency provisions in the Code to this ministry on following terms of reference:
(i) The committee will study & analyze the recommendations of Insolvency Law Committee (ILC) Report on cross border Insolvency and the proposed draft Bill to make recommendations to operationalize the rule & regulatory framework for smooth implementation of proposed cross border insolvency provisions under the Insolvency and bankruptcy Code, 2016 and other matter related to or Incidental thereto.
(ii) The Committee may invite or co-opt practitioners, experts or Individuals who have knowledge or experience in the subject matter. The Committee may also consult other stakeholders as part of its deliberations.
The New Committee will be headed by a retired IAS officer K P Krishnan and there are seven other Members. The Committee will submit its report in 90 days.
