India needs a way to resolve cross-border insolvency cases
India’s budget proposal in 2022 to promulgate a cross-border insolvency law remains unimplemented. The mechanism to implement it was recommended by the Insolvency Law Committee, which suggested adoption of the UNCITRAL Model Law on Cross-Border Insolvency (MLCBI), with a few tweaks, including the introduction of ‘reciprocity’ as a principle. The reciprocity clause meant that Indian…