Laws Related to Cross-Border Insolvency Issues
Does India Have Laws Related to Cross-Border Insolvency Issues?
By  shruti sinha  |  14 Jul 2016  |  Upvotes: 0  | 

1 Answer(s)

Deepika Gill

No, India does not have such codified laws. Although case law suggests that-

(i) a foreign company doing business in India can be wound up by the Indian courts as any other unregistered company;

(ii) when a company is in liquidation creditors, both national and international, may lodge a proof of claim with the liquidators and each such creditor will be treated on par; and

(iii) if the assets of a company being wound up are located outside India, the Indian courts will only attach such assets with the consent of the courts with jurisdiction over such assets.

Upvotes: 0  |  Downvotes: 0  |  Comments  | 
Login to comment

Consult A Lawyer
Starting INR 750

Draft Your Own Legal Docs
Starting INR 25

Get Quote For My Requirement