Report of the Cross Border Insolvency Rules & Regulations Committee
CROSS BORDER INSOLVENCY RULES/REGULATIONS COMMITTEE (CBIRC)
New Delhi, June 15, 2020
To
Secretary to Government of India
Ministry of Corporate Affairs
‘A’ Wing, Shastri Bhawan
New Delhi – 110001
Dear Sir,
Chairman and Members of the Cross-Border Insolvency Rules/Regulation Committee (CBIRC) constituted, vide office order No. 30/27/2018-Insolvency Section dated 23rd January, 2020, have the privilege and honour to present the first part of the Committee’s Report to the Ministry of Corporate Affairs.
- The CBIRC has adopted a holistic methodology including internal meetings, engagement with stakeholders, examining past reports, global literature and best practices followed by other countries. The Committee while making its recommendations has attempted to provide a comprehensive rules and regulatory framework to enable implementation of the recommendations of the Insolvency Law Committee contained in its Report dated 16th
October, 2018 based on the UNCITRAL Model Law on Cross-Border Insolvency. - We thank you for providing us this opportunity to put our thoughts together for recommending the rules & regulatory framework for smooth implementation of the proposed Cross Border Insolvency provisions under the Insolvency and Bankruptcy Code, 2016 (Code). We believe that the enactment and implementation of cross border insolvency
provisions along with the rules and regulatory framework would make the insolvency regime more comprehensive and internationally competitive.
Acknowledgments
The Cross Border Insolvency Rules/Regulations Committee (CBIRC) is submitting the first part of its Report on the rules and regulatory framework for cross border insolvency.
The Committee is thankful to all stakeholders who provided insightful comments and suggestions during the deliberations of the Committee. The insights from these interactions greatly helped the Committee in drafting this Report.
The Committee deeply appreciates the support provided to it by the research team: Ms. Anjali Sharma and Ms. Bhargavi Zaveri, Lead Research Consultants of Finance Research Group (FRG), Mr. M.V. Pratap Kumar, Advocate, Ms. Varsha Aithala, Research Fellow of Azim Premji University (APU), Mr. Karthik Suresh, Research Fellow of National Institute of Public Finance and Policy (NIPFP), Ms. Aishwarya Satija, Research Fellow, Mr. Akash Chandra Jauhari, Research Fellow and Ms. Priyal Parikh, Associate Fellow of Vidhi Centre for Legal Policy, and Mr. Yadwinder Singh, Assistant Manager and Mr. Kahnav Mahajan, Research Associate of Insolvency and Bankruptcy Board of India (IBBI).
The Committee is grateful to Dr. M.S. Sahoo, Chairperson, Dr. Mukulita Vijayawargiya, Whole Time Member and Mr. Ritesh Kavdia, Executive Director of IBBI for their valuable inputs and guidance during the deliberations. The Committee is also thankful to IBBI for providing logistical, administrative and technical support for its functioning.
