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The government has proposed changes in the bankruptcy law to enable lenders to apply the insolvency provisions on defaulters’ assets abroad, including personal assets in cases of personal guarantee, says a report.
According to the proposal, the changes can be brought in by adopting a global model law and such amendments will allow overseas execution of orders against defaulters by courts.
The Times of India reported that the United Nations Commission on International Trade Law (UNCITRAL) , a UN subsidiary, has provided the model law which gives the framework for cooperation between domestic and foreign courts, as also insolvency professionals at home and abroad.
The report said that the amendment to the Insolvency and Bankruptcy Code (IBC) is among the bills proposed for the winter session of Parliament.
The Times of India quotes UV ARC director Hari Hara Mishra as saying that synchronised judicial cooperation and synergy are required to obtain optimal resolution in view of the increased globalisation of business.
Insolvency ecosystem much stronger now
The debt recovery tribunal or the National Company Law Tribunal and their appellate authority can be the adjudicating authority for pursuing personal guarantees, said the report, adding that the pre-packaged insolvency resolution process for small businesses would not be subject to the cross-border norms.
India overhauled its insolvency regime by enacting the Insolvency and Bankruptcy Code, 2016. Five years into the operation, the insolvency regime under the Code has now a strong ecosystem.
By enacting the Insolvency and Bankruptcy Code, 2016, India has overhauled its insolvency regime. The regime under the Code has now a strong ecosystem, after years into operation.
Insolvency and Bankruptcy Board of India (IBBI), the adjudicating authority in 15 cities, 3,670 insolvency professionals (IPs), three insolvency professional agencies (IPAs), 84 insolvency professionals entities (IPEs) and one information utility (IU) are in place.
Corporate Insolvency Resolution Process (CIRP), has About 4,541 corporates, including some with very large NPAs have been admitted, while 1,745 CIRPs have completed the process either yielding resolution plans or ending up with liquidation.