Bankruptcy law to give lenders access to foreign assets of loan defaulters

The Government plans to strengthen its cross border insolvency laws. These provisions are meant to provide India with the power to seek cooperation from foreign countries to bring defaulters’ assets there under consideration for insolvency. The second issue is the existing UN model law on cross-border insolvency that has 46 countries as signatories. These provisions will have to be in consonance with the model law of United Nations on International Trade law.

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