• Pulkit Nandan

The Indian Bankruptcy Code, also known as the "IBC," was introduced in 2016. At the time, it was considered quite a progressive step by the Indian government towards improving the insolvency resolution process in India. IBC was truly a revolutionary code. It not only made the insolvency process smoother and more efficient but also consolidated all the old insolvency laws such as the Companies Act,1957 and the SICKA Act,1985. Insolvency laws in India have developed in a very irregular manner. Before IBC, separate insolvency acts governed different entities, as a result, overlapping among acts, made the system inefficient. The IBC consolidated all the laws and brought all the entities like companies, individuals and partnerships, under one umbrella or code. Despite the advantages that the IBC brought, it was found to be lacking in a few areas. The most glaring and surprising oversight was lack of regulations for cross-border insolvency. This oversight on the part of the IBC has held India back from becoming a participant in the 21st-century global insolvency system. It has caused great loss and inconvenience to both domestic and foreign companies and creditors. However, even if the legislature or government has not been as active in this regard as they should be, the judiciary has definitely made some strides. In cases like Jet Airways and many others, the Indian courts have recognized cross-border insolvency and made landmark judgments that have saved foreign creditors and corporate debtors alike from being victims of blatant injustice. These case laws are discussed in detail in this article. UNCITRAL Model On Cross Border Insolvency was established on 30th May 1997. It currently has been adopted in more than 50 countries. Its primary goal is to help countries in having a standard model legal framework to more effectively address cross-border insolvency proceedings. Accepting this model in India, like it has been in EU and the US, can make India a much more attractive place for foreign creditors and solve the problems of recognition and multiplicity of proceedings.

Indian Bankruptcy Code, cross-border insolvency, oversight, UNCITRAL model, multiplicity of proceedings

"Cross Border Insolvency: An oversight by the IBC", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.10, Issue 9, page no.b861-b866, September-2023, Available :http://www.jetir.org/papers/JETIR2309196.pdf

"Cross Border Insolvency: An oversight by the IBC", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.10, Issue 9, page no. ppb861-b866, September-2023, Available at : http://www.jetir.org/papers/JETIR2309196.pdf