Cross-border insolvency rules empower government to set recognition, relief and coordination procedures for overseas debtor proceedings. Power is conferred on the Central Government to prescribe the manner and conditions for administering and conducting cross-border insolvency proceedings, including recognition, relief, judicial cooperation, assistance and coordination, for notified classes of debtors or corporate debtors involving countries or territories outside India. The rules may apply the Code or the Companies Act, 2013 with necessary exceptions, modifications and adaptations, and may designate one or more Benches for such proceedings. The draft rule is to be laid before Parliament, and corporate debtor includes a limited liability person incorporated outside India.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Cross-border insolvency rules empower government to set recognition, relief and coordination procedures for overseas debtor proceedings.
Power is conferred on the Central Government to prescribe the manner and conditions for administering and conducting cross-border insolvency proceedings, including recognition, relief, judicial cooperation, assistance and coordination, for notified classes of debtors or corporate debtors involving countries or territories outside India. The rules may apply the Code or the Companies Act, 2013 with necessary exceptions, modifications and adaptations, and may designate one or more Benches for such proceedings. The draft rule is to be laid before Parliament, and corporate debtor includes a limited liability person incorporated outside India.
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