Cross-border insolvency framework expands government powers over electronic portals, recognition, relief, and judicial coordination. The Central Government may notify an electronic portal for carrying out insolvency and bankruptcy procedures under the Code. It may also prescribe the manner and conditions for administering cross-border insolvency proceedings, including recognition of proceedings, grant of relief, judicial cooperation, assistance and coordination, with power to apply provisions of the Code or the Companies Act, 2013 with exceptions, modifications and adaptations and to designate Benches for such proceedings.
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Provisions expressly mentioned in the judgment/order text.
Cross-border insolvency framework expands government powers over electronic portals, recognition, relief, and judicial coordination.
The Central Government may notify an electronic portal for carrying out insolvency and bankruptcy procedures under the Code. It may also prescribe the manner and conditions for administering cross-border insolvency proceedings, including recognition of proceedings, grant of relief, judicial cooperation, assistance and coordination, with power to apply provisions of the Code or the Companies Act, 2013 with exceptions, modifications and adaptations and to designate Benches for such proceedings.
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