Will The Lion Head’s Nod Spur India’s Cross-Border Insolvency Law? – Insolvency/Bankruptcy

Introduction

In 2023, a financial creditor of Compuage Infocom Limited (CIL)
initiated the Corporate Insolvency Resolution Process (CIRP) under
Section 7 of the Insolvency and Bankruptcy Code (IBC) before the
National Company Law Tribunal (NCLT), Mumbai. The CIRP was admitted
by the NCLT, and RP was appointed. CIL had assets and monies in
Singapore, and consequently, the RP sought the recognition of the
CIRP in Singapore to gain control over these assets and be
repatriated to India. This was the first time that the Singapore
High Court in Re Compuage Infocom Ltd.¹ has
given recognition of an Indian CIRP in a foreign court under the
UNCITRAL Model Law on Cross-Border Insolvency (Model
Law).² It also extended judicial…