INDIA'S PROPOSED CROSS BORDER INSOLVENCY REGIME: WILL IT TRUMP THE GIBBS RULE?

Published On: 26/07/2018

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The Insolvency & Bankruptcy Code currently has no clear framework for cross border insolvency. That's about to change, with the Ministry of Corporate Affairs recently inviting comments on the draft chapter, broadly incorporating the UNCITRAL Model Law on Cross Border Insolvency. But what might happen when an Indian debtor has foreign creditors under English law contracts who have not consented or participated in the main proceedings in India? Ran Chakrabarti considers.