Question : Cross-Border Insolvency

(a) Whether the Government put out a draft on cross-border insolvency to further strengthen the Insolvency and Bankruptcy Code(IBC), seeking to help lenders access overseas assets of a stressed company and if so, the details thereof;

(b) Whether the Government plans to adopt an existing UN model law (United Nations Commission on International Trade Law, or UNCITRAL) on cross-border insolvency; and

(c) If so, the details thereof and if not, the reasons therefor?

THE MINISTER OF STATE FOR LAW AND JUSTICE AND (SHRI P.P.CHAUDHARY)
CORPORATE AFFAIRS
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(a) Yes, Madam. The draft is available in public domain on MCA website (www.mca.gov.in).

(b) & (c)The comments received from the stakeholders on the draft are under examination and will be finalized after deliberations with Insolvency Law Committee.

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