Govt invites comments from public on draft cross-border insolvency framework

By Accommodation Times Bureau

NEW DELHI

The Ministry of Corporate Affairs (MCA), Government of India on Wednesday, invited comments and views from stakeholders on introductory note and draft on ?Cross-Border Insolvency’.

The MCA is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, fine-tuned to suit the needs of aspirational Indian economy. The Government has taken initiative for Cross-Border Insolvency within the Insolvency & Bankruptcy Code, 2016 (the Code) to provide a comprehensive legal framework, MCA said.

As the size of the Indian economy grows, business and trade have adopted an increasingly international character. Creditors and corporates frequently transact business in more than one jurisdiction. Foreign banks and creditors finance Indian companies and Indian banks have foreign exposure.





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