Q. Consider the following statements regarding “UN Commission on International Trade Law (UN CITRAL)”:
1.It adopted the UNCITRAL Model Law on International Commercial Arbitration.
2.India hasn’t adopted the UNCITRAL Model Law.
Which of the statements given above is/are not correct?
Red Book
Red Book

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: B
Notes:

Explanation: United Nations Commission on International Trade Law (UNCITRAL) is the United Nations system’s core legal body in international trade law, specializing in commercial law reform.

  • Its business is the modernization and harmonization of rules on international business.
  • It adopted the UNCITRAL Model Law on International Commercial Arbitration in 1985 and the UNCITRAL Conciliation Rules in 1980.
  • UNCITRAL Model Law – The United Nations Commission on International Trade Law proposed the UNCITRAL Model Law on Cross Border Insolvency to deal with such issues.
  • It also recognizes orders and judgments passed by insolvency courts in foreign jurisdictions. India has adopted model law.

Source: FORUMIAS

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