A Perspective on Cross-Border Aspects of Insolvency and Implications for Resolution Plans and Recovery

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.