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The Insolvency Law Committee reviews the discussion paper on the United Nations model for cross-border insolvency issues, as well as comments received on the document.
Under the Code, provisions are made for dealing with international insolvency issues.
The group of experts, chaired by the Secretary of General Affairs, Injeti Srinivas, should recommend the adoption of the model of the United Nations Commission on International Trade Law (UNCITRAL). The report should be submitted soon, said the official.
The model would be based on the center of main interests, which would be defined. According to the CIP, the place of main proceedings for cross-border cases would be decided.
In addition, the official said that it would essentially act of a cooperation agreement and that the proceedings would take place in the same place.
Established in 1966, UNCITRAL is a subsidiary body of the United Nations General Assembly with a general mandate to promote the progressive harmonization and unification of international trade law, as indicated on his website.
According to UNCITRAL, "harmonization" and "unification" of international trade law refer to the process by which the law facilitating international trade is created and adopted.
"Harmonization can be conceptually considered as the process by which national laws can be modified to improve the predictability of cross-border business transactions.
"Unification can be seen as the adoption by states of a common legal standard governing certain aspects of international business transactions," the website says.
In June, the Department of Corporate Affairs, while presenting the draft standards, wanted to put in place a globally accepted and well-recognized cross-border insolvency framework, tailored to the needs of the future Indian economy. .
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