MUMBAI: India is likely to consider expanding its bankruptcy law to include cross-border insolvency, which helps lenders tap defaulters’ assets overseas, as a top panel at the Insolvency and Bankruptcy Board of India (IBBI) meets Thursday to help strengthen the framework dedicated toward recovering bad loans.
“Cross-border insolvency is on top of the agenda. The authorities are keen to make that happen as there is no provision under the Insolvency and Bankruptcy Code (IBC) for it,” an executive privy to the matter told ET. The meeting of the Insolvency Law Committee will be chaired by the Corporate Affairs secretary.
MS Shahoo, chairman of IBBI, confimred that the subject is on the agenda, but declined to give further deta…
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