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IBC: UN model eyed for cross-border norms
News:
- The government is looking at the possibility of adopting a United Nations legal model for cross-border insolvency cases.
Important facts:
2. It works on strengthening the insolvency resolution framework.
3. The Insolvency and Bankruptcy Code (IBC) has sections pertaining to cross-border insolvency matters but are yet to be made operational.
4. The existing Code provides for sections-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.
5. If UN model is adopted for cross-border insolvency matters, then section 234 and 235 could be dropped from the Code as they pertain to only bilateral pacts.
