India may include cross-border insolvency

Any amendment made to the insolvency law has to be passed by Parliament.

In order to tap defaulters' assets overseas, India may consider opting for cross-border insolvency, a report by ET said.
 
The apex committee of Insolvency and Bankruptcy Board of India (IBBI), meeting on Thursday, will work on options to strengthen the insolvency framework, the report said.   
 
"Cross-border insolvency is on top of the agenda. The authorities are keen to make that happen as there is no provision under the Insolvency and Bankruptcy Code (IBC) for it," an executive privy to the matter told ET. 
 
The meeting will be chaired by the Corporate Affairs Secretary.
 
Any amendment made to the insolvency law has to be passed by Parliament.
 
Source: ET

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