2. INTRODUCTION TO CROSS-
BORDER INSOLVENCY
• Cross-border insolvency is a situation where a
debtor's assets or creditors are in located multiple
jurisdictions.
• It presents unique challenges due to differences in
legal systems and creditors' priorities.
• Cross-border insolvency regulations provide an
effective and efficient mechanism for handling
such cases, promoting cooperation and
coordination across different jurisdictions.
3. INCORPORATING CROSS-BORDER
PROVISIONS IN THE INSOLVENCY
AND BANKRUPTCY CODE
• Section 234 of the IBC empowers the Central
Government to make agreements with foreign
countries to enforce its provisions relating to
cross-border insolvency.
• Section 235 allows the Adjudicating Authority in
India to issue a letter of request to a foreign court
or authority seeking assistance in insolvency
proceedings.
Breaking Boundaries: Understanding Cross-Border Insolvency
4. COMPANIES INVOLVED IN CROSS-
BORDER INSOLVENCY UNDER THE
IBC
• Jet Airways
• Videocon Industries
• Essar Steel
Breaking Boundaries: Understanding Cross-Border Insolvency
5. CHALLENGES IN MANAGING
CROSS-BORDER INSOLVENCY
• Varying legal frameworks
• Lack of uniformity in recognition of foreign
proceedings
• Coordination among numerous stakeholders
Breaking Boundaries: Understanding Cross-Border Insolvency
6. OVERCOMING THE CHALLENGES
• Strengthen the institutional framework for cross-border
insolvency
• Enhance cooperation with foreign jurisdictions
• Promote convergence with international practices
• Implementing the UNCITRAL Model Law on Cross-
Border Insolvency
• Fostering greater awareness and capacity building
among insolvency professionals, judges, and
stakeholders
• Indulging in training programs, workshops, and
knowledge-sharing platforms related to law.
Breaking Boundaries: Understanding Cross-Border Insolvency
7. CONCLUSION
• Cross-border insolvency presents unique
challenges that require a coordinated and
cooperative approach among different
jurisdictions.
• Ancoraa Resolution, a leading firm in dispute
resolution, offers expertise in navigating cross-
border insolvency matters, ensuring optimal
outcomes for all parties involved.
Breaking Boundaries: Understanding Cross-Border Insolvency