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A Perspective on Cross-Border Aspects of Insolvency and Implications for Resolution Plans and Recovery
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Author(s): T. Shenbagavalli (Jain University, India), R. Ravichandran (Jain University, India), V. Rakesh (Jain University, India)and N. Sathyanarayana (Jain University, India)
Copyright: 2024
Pages: 17
Source title:
Data-Driven Intelligent Business Sustainability
Source Author(s)/Editor(s): Sonia Singh (Toss Global Management, UAE), S. Suman Rajest (Dhaanish Ahmed College of Engineering, India), Slim Hadoussa (Brest Business School, France), Ahmed J. Obaid (University of Kufa, Iraq)and R. Regin (SRM Institute of Science and Technology, India)
DOI: 10.4018/979-8-3693-0049-7.ch020
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Abstract
The relevance of data in India's socio-economic development has been defined in several policy documents in the digital economy. Using Indian law to regulate a contract creates major concerns, which can sometimes compromise it as a negotiating chip in cross-border agreements. As previously stated, Indian courts can revoke foreign arbitral verdicts if they determine that the arbitrators misapplied Indian law. As a result, a party to a contract governed by Indian law risked falling victim to the “public policy” fallacy. This will reduce the interest of foreign investors and create more cross-border issues. Many countries have modified the UNCITRAL model law to avoid such situations according to their requirement. Even the Indian government recently introduced MAP effective from May 6; the same model law was modified to give faster resolution in cross-border disputes under sections 64 and 65 of the Insolvency, Restructuring, and Dissolution Act 2018.
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