{"id":28121,"date":"2018-10-23T18:26:04","date_gmt":"2018-10-23T12:56:04","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=28121"},"modified":"2018-11-19T15:27:56","modified_gmt":"2018-11-19T09:57:56","slug":"panel-for-adopting-un-model-on-cross-border-insolvency","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/panel-for-adopting-un-model-on-cross-border-insolvency\/","title":{"rendered":"Panel for adopting UN model on cross-border insolvency\u00a0"},"content":{"rendered":"<p><a href=\"https:\/\/www.thehindu.com\/todays-paper\/tp-business\/panel-for-adopting-un-model-on-cross-border-insolvency\/article25291851.ece\">Panel for adopting UN model on cross-border insolvency<\/a><strong>\u00a0<\/strong><\/p>\n<p><strong>News: <\/strong><\/p>\n<ol>\n<li>The Insolvency Law Committee<strong> (ILC) <\/strong>has suggested amendments to India\u2019s Insolvency and Bankruptcy Code <strong>(IBC) <\/strong>to align it with United Nations\u2019 model to handle cross-border insolvency cases.<\/li>\n<\/ol>\n<p><strong>Important Facts:<\/strong><\/p>\n<ol start=\"2\">\n<li>The ILC headed by Ministry of Corporate Affairs <strong>(MCA)<\/strong> secretary Injeti Srinivas recommended the adoption of the United Nations Commission on International Trade Law<strong> (UNCITRAL)<\/strong> Model Law of Cross Border Insolvency, 1997.<\/li>\n<li>The corporate affairs ministry will consider the recommendations and seek Cabinet approval to amend IBC.<\/li>\n<li><strong>UNCITRAL Model Law<\/strong> provides for a comprehensive framework to deal with cross-border insolvency issues and has been adopted in 44 countries and, therefore, forms part of international best practices.<\/li>\n<li><strong>About UNCITRAL:<\/strong><\/li>\n<\/ol>\n<ul>\n<li>It was established in 1966, as a subsidiary body of the General Assembly of the UN with the general mandate to further the progressive harmonisation and unification of the law of international trade.<\/li>\n<\/ul>\n<ol start=\"6\">\n<li><strong>Necessity of amending the IBC:<\/strong><\/li>\n<\/ol>\n<ul>\n<li>The current law related to IBC applies to domestic companies only.<\/li>\n<li>Moreover many Indian companies have a global footprint and many foreign companies have presence in multiple countries, including India, which calls for amending IBC.<strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/li>\n<\/ul>\n<ol start=\"7\">\n<li><strong>Advantages of bringing Model Law:<\/strong><\/li>\n<\/ol>\n<ul>\n<li>It will enhance the ease of doing business and protect creditors in the global scenario by providing increased predictability and certainty of the insolvency framework.<\/li>\n<li>Provide greater confidence generation among foreign investors.<\/li>\n<li>Provides a robust mechanism for international cooperation.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Panel for adopting UN model on cross-border insolvency\u00a0 News: The Insolvency Law Committee (ILC) has suggested amendments to India\u2019s Insolvency and Bankruptcy Code (IBC) to align it with United Nations\u2019 model to handle cross-border insolvency cases. Important Facts: The ILC headed by Ministry of Corporate Affairs (MCA) secretary Injeti Srinivas recommended the adoption of the&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/panel-for-adopting-un-model-on-cross-border-insolvency\/\">Continue reading <span class=\"screen-reader-text\">Panel for adopting UN model on cross-border insolvency\u00a0<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[221,217,869,868,870],"class_list":["post-28121","post","type-post","status-publish","format-standard","hentry","category-test-1","tag-economy","tag-gs-3","tag-insolvency-and-bankruptcy-code","tag-insolvency-law-committee","tag-united-nations-model-to-handle-cross-border-insolvency","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704918428},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=28121"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28121\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=28121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=28121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=28121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}