인도·남아시아

This article examines India`s journey towards a cross-border insolvency regime and its draft law on cross-border insolvency. The article analyses the areas of convergence and divergence between India`s draft law and the UNCITRAL Model Law on Cross-Border Insolvency and identifies the factors behind the divergences. The article concludes that the implementation of a cross-border insolvency regime is crucial for India to ensure coordination in cross-border insolvency proceedings and thereby attract foreign investment. The analysis of the reasons behind the divergences suggests that four areas of divergence are particularly relevant: the structure of existing legal institutions; the reciprocity requirement; restrictions on the rights of access of foreign representatives; and the historical practice of the Indian courts to follow the principle of territorialism. The success of the Indian cross-border insolvency regime will very much depend on the ability of the adjudicating authorities to overcome territorialism and embrace the principle of modified universalism.