हिंदी साहित्य: पेन ड्राइव कोर्स
This just in:

International Relations

UN Model for Cross-Border Norms

  • 23 Jul 2018
  • 2 min read

Recently, the government is looking at the possibility of adopting a United Nations Commission on International Trade Law (UNCITRAL) model for cross-border insolvency cases as it works on strengthening the insolvency resolution framework.

Background

  • The existing Code in The Insolvency and Bankruptcy Code (IBC) provides for two sections i.e. 234 and 235 — relating to cross-border insolvency, which allows the Centre to enter into an agreement with a foreign country for enforcing the provisions of the Code, which is considered insufficient and time-taking.
  • Moreover, these sections are yet to be made operational.
  • In case the UN model is adopted for cross-border insolvency matters, then sections 234 and 235 could be dropped from the Code as they pertain to only bilateral pacts.
  • The inclusion of cross-border insolvency framework will further enhance ease of doing business, provide a mechanism of cooperation between India and other countries in the area of insolvency resolution, and protect creditors in the global scenario.

Note:

  • The United Nations Commission on International Trade Law (UNCITRAL), established in 1966 as a subsidiary body of the United Nations General Assembly.
  • UNCITRAL Model Law on Cross-Border Insolvency was adopted in 1997.
  • Key provisions of UNCITRAL Model Law on Cross-Border Insolvency focus on four elements identified as key to the conduct of cross-border insolvency cases: access, recognition, relief
SMS Alerts
 

Please login or register to view note list

close

Please login or register to list article as bookmarked

close
 

Please login or register to make your note

close

Please login or register to list article as progressed

close

Please login or register to list article as bookmarked

close
D2