United Nations Commission on International Trade Law (UNCITRAL)
- November 25, 2021
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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United Nations Commission on International Trade Law (UNCITRAL)
Subject – IR
Context – Govt plans to enact cross-border insolvency framework in Winter Session. The new framework is likely to be largely patterned on the UNCITRAL model law on cross-border insolvency.
Concept –
- It is a subsidiary body of the U.N. General Assembly (UNGA) responsible for helping to facilitate international trade and investment.
- It is the core legal body of the United Nations system in the field of international trade law.
- UNCITRAL carries out its work at annual sessions held alternately in New York City and Vienna, where it is headquartered.
- Established by the UNGA in 1966.
- The Tribunal constituted in accordance with the UNCITRAL Arbitration Rules 1976 is seated at the Hague, Netherlands, and proceedings are administered by the Permanent Court of Arbitration.
- Since its inception, India is only one of eight countries that has been a member of UNCITRAL.
- The UNCITRAL Model Law on Cross-Border Insolvency (1997) (MLCBI) is designed to assist States in developing a modern, harmonized and fair insolvency framework to more effectively address instances of cross-border proceedings concerning debtors experiencing severe financial distress or insolvency.
- It provides legal framework to deal with cross-border insolvency issues while ensuring the least intrusion into the country’s domestic insolvency law.