International Corporate Rescue
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Vol 17 (2020) - Issue 2
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Cross-Border Insolvency Protocols: A New Beginning In India
L. Viswanathan, Partner, and Dhananjay Kumar, Partner, Cyril Amarchand Mangaldas, Mumbai, India1Synopsis
Approval of a cross-border insolvency protocol for coordination of parallel insolvency proceedings for Jet Airways (India) Limited in India and the Netherlands was a path-breaking moment for cross border insolvency regime in India. Pending adoption of the UNCITRAL Model Law on Cross-Border Insolvency by India, this case has shown an efficient and effective way to deal with global insolvency cases and is a turning point to the approach of the Indian courts that was largely territorial.
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