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India to Update Cross-Border Insolvency Laws

India to Update Cross-Border Insolvency Laws

The Government of India proposes to amend the Insolvency and Bankruptcy Code through an ordinance by adding a chapter on international insolvency. The amended law will remove ambiguities about bankruptcy proceedings and bolster the confidence of foreign investors in India.

Picture depicting a mallet and scales

The new law, which is a separate section for handling insolvency of cross-border investors, is based on global best practices and will:

  • reduce the time for exchanging information with another country
  • change key aspects of cross-border insolvency litigation
  • give direct access to foreign insolvency professionals and foreign creditors to participate in, or commence local insolvency proceedings against a defaulting debtor
  • allow foreign proceedings and remedies to be accepted in Indian courts
  • enable cooperation between Indian and overseas courts and insolvency practitioners
  • enable coordination between two or more concurrent insolvency proceedings in different countries
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