Dr. Naveen Kumar is an Associate Professor in the Department of Law at North-Eastern Hill University, Shillong, Meghalaya. He has been teaching law for the last 20 years. He specializes in Corporate Law, Public Health Law, Cyber Laws, Constitutional Law, Environmental Laws, and Human Rights Law. He has also authored a book. He has also been awarded two national projects. Furthermore, he wrote around twenty-five research articles that were published in UGC Care-listed journals as well as other national and international journals of reputation. In addition to that, he has contributed chapters to a number of edited books.
Cross-border insolvency involves complex legal challenges that arise when a debtor's assets and liabilities span multiple jurisdictions. The lack of a comprehensive law to deal with such beyond-borders disputes in insolvency can have an undesirable impact on the enterprise, local or foreign creditors, recognition of law or jurisdictions, enforcement of foreign decisions, and many more. In the global context, the United Nations has adopted the Model Law on Cross-Border Insolvency (MLCBI) which has been implemented by various nations like, the United States, the United Kingdom, the Republic of Korea, Japan, Poland, etc. in their domestic laws to create uniformity in administering cross-border insolvency proceedings. This is a guiding document to resolve the legal complexities in cross-border insolvency to the adoptive countries, such as, conflict of laws, determination of assets of debtors, determination of main proceedings, relief provisions and many more. In India, Cross-Border Insolvency proceedings are initiated under the Insolvency and Bankruptcy Code (IBC), 2016. This paper highlights the MLCBI from an Indian Perspective with reference to the IBC, as India’s regulatory framework for cross-border insolvency. Additionally, the paper examines the paradigm shift after the implementation of this MLCBI in the Indian Insolvency Framework in the IBC concerning the proceedings in resolving such international insolvency cases in India. This paper will contribute to how countries like the other countries that have implemented the MLCBI in their legal realm while handling such transnational insolvency disputes.
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