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ILC recommends UNCITRAL model
October 24 , 2018
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- The Insolvency Law Committee (ILC), chaired by Corporate Affairs Secretary Injeti Srinivas, submitted its report on the matter to Corporate Affairs Minister Arun Jaitley.
- The ILC has recommended the adoption of the UNCITRAL (United Nations Commission on International Trade Law) Model Law of Cross Border Insolvency, 1997.
- The Model Law focuses on authorising and encouraging cooperation and coordination between jurisdictions, rather than attempting the unification of substantive insolvency law.
- The UNCITRAL Model Law has been adopted in as many as 44 countries.
- Established in 1966, UNCITRAL is a subsidiary body of the General Assembly of the UN.
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