Q. Why is this in news?
A. The Economic Survey 2021-22 has called for a standardized framework for cross-border insolvency as the Insolvency and Bankruptcy Code (IBC) at present does not have an instrument to restructure firms involving cross-border jurisdictions.
Q. What is the Insolvency and Bankruptcy Code (IBC)?
A.
Q. What are the Cross-border insolvency proceedings?
A.
Q. What is the Current status of foreign stakeholders and courts in other jurisdictions under IBC?
A.
Q. What is the UNCITRAL Model?
A.
Q. What is its key provisions?
A.
This law works on four main principles: access, recognition, cooperation and coordination:
Q. What are the Implications for India?
A.
Q. How is IBC different from the model law?
A.