New Delhi: India plans to set up a special bench of the National Company Law Tribunal (NCLT) with trained manpower to handle cross-border insolvency cases once the new bankruptcy rules are notified, to fast-track proceedings, people aware of the matter said.The cross-border framework, approved last month as part of amendments to the Insolvency and Bankruptcy Code (IBC), will be based on a model UN law with modifications to suit the Indian context.
It seeks to enable easier access for creditors to overseas assets of stressed companies and allow India to seek cooperation from foreign courts to bring such assets under insolvency proceedings.
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The need for such a…