[Akshay Anurag] [This article was first published on Corporate Professional Today (Taxmann). a Cross-Border Insolvency Regime within the Insolvency and Bankruptcy Code, 2016 Ishita Das KEY WORDS Cross-border Bankruptcy Insolvency IBC UNCITRAL Model Law The research article has been divided into three sections to achieve the core aim. Introduction In the current scenario, India does not have any legal framework regulating cross border insolvency. The first section provides a background to the paper. Insolvency and Bankruptcy Code 2016, is the biggest reform in India and deals with consolidating various insolvency laws of India. Post IBC - Inter-play between SICA, RDDBI, SARFAESI and IBC ... All pending matters before BIFR are abated as the sickness/ insolvency criterion in IBC is very different from what is in SICA . 21 Feb, 2020 Addendum-Constitution of committee for recommending rules and regulatory framework for smooth implementation of proposed cross border Insolvency provisions in the IBC, 2016 20 Feb, 2020 Report of the Insolvency Law Committee-Feb 2020 Read more about Govt plans to amend IBC 2016 to address cross-border insolvency: MS Sahoo on Business Standard. SARFAESI & RDDBI will hold the same force. ... 2016 (hereinafter "IBC") was hailed as a major reform in the insolvency landscape in India. MUMBAI: Insolvency and Bankruptcy Board of India chairman M S Sahoo on Saturday said work is on to amend the Insolvency and Bankruptcy Code 2016 that will address cross-border insolvency. The article is about the critical analysis of Insolvency And Bankruptcy Code, 2016 (IBC) under which its basic structure, its effect on legislation, impact on the Indian debt market, objective of IBC and key aspects with major challenges it faced are mention. It provides for the implementation of Cross-border and Personal insolvency laws. Cross Border Insolvency and IBC 2016. When IBC came in 2016, everything was new, and there was no insolvency professional, IBBI or all members of the NCLT, everything was created afresh, but it worked, he added. This lacuna in India's nascent insolvency regime has sought to be remedied by the Government of India, (GOI) which recently released a set of draft guidelines. Cross Border Insolvency CROSS BORDER INSOLVENCY: EMERGING ISSUES IN THE IBC … Jet Airways owes 8,000 crores to its lenders and the total debt amount of approximately 25,000 crores that includes the dues of operational creditors as well. View Cross Border Insolvency under IBC.docx from LAW LAW311 at Virginia College. The second section compares Cross-border insolvency. Recently, the Hon’ble Supreme Court of India has, in the matter of P. Mohanraj & Ors.Vs M/s. While the introduction of Insolvency and Bankruptcy Code in the year 2016 was seen as one of the most significant reforms in the legal history of Indian Banking sector, the enactment miserably failed to address the fundamental issues related to Cross-Border insolvency in a holistic manner. The first Indian company that will undergo the cross-border insolvency proceedings under Insolvency and Bankruptcy Code,2016, and UNCITRAL model law is Jet Airways. Role of Professionals. ... IBC, 2016. On Thursday, Sahoo had said the government is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, which will make India an attractive investment … Cross border insolvency in India is legal terrain that is wholly unregulated. 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