CROSS BORDER INSOLVENCY Topic: Economy In news: The Economic Survey 2021- 22 has called for a standardised framework for cross- border insolvency. About: The Insolvency and Bankruptcy Code (IBC) at present does not have an instrument to restructure firms involving cross-border jurisdictions. The proposal to frame a robust cross-border insolvency framework has already […]

    Cross border insolvency Subject: Economy Context: The ministry of Corporate Affairs (MCA) has published a draft framework for cross border insolvency proceedings based on the UNCITRAL (United Nations Commission on International Trade Law) model under the Insolvency and Bankruptcy Code. Concept: Cross border insolvency proceedings are relevant for the resolution of distressed companies […]