PIL.OT / DEVELOPMENT
Cross-border insolvency in India: Is the Model Law enough?
Development summary
Harshit Pastariya and Sitasma Dahal ask whether India, on the cusp of adopting a framework based on the UNCITRAL Model Law on Cross-Border Insolvency (1997), needs mechanisms beyond the Model Law. They note that the Insolvency and Bankruptcy Code 2016 (IBC) does not clearly address foreign creditors' right to initiate insolvency proceedings before the National Company Law Tribunal.