Category: Banking and finance
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Decoding 5th report of insolvency law committee – may 2022
Mandating reliance on Information Utility for certain Financial Creditors Time being the essence of the Corporate Insolvency Resolution Process (“CIRP“), recommendations were made by the Insolvency Law Committee (“Committee“) constituted by the Ministry of Corporate Affairs (“MCA“) for speedy disposal of cases by the Hon’ble National Company Law Tribunal (“NCLT“) . One such recommendation involved…
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How India’s new draft law will impact cross-border insolvencies
In the recent Union Budget Session of 2022- 2023, an announcement was made to extend the jurisdiction of India’s Insolvency and Bankruptcy Code, 2016 (IBC) to cross-border insolvency. The current Draft Part Z is based on the UNCITRAL Model Law, developed by the United Nations Commission on International Trade Law. The UNCITRAL Model Law is…