Second report on cross border lending
Why in the discussion? The Insolovency Law Committee-ILC, set up for the recommendation of the amendment in the Indian Bankruptcy and Bankruptcy Code, 2016 by the Ministry of Corporate Affairs, submitted its second report to the government. Committee recommendations ILC has recommended the implementation of the United Nations Commission on International Trade Law (UNCITRAL) draft law for cross border loan repatriation, since it includes comprehensive provisions for dealing with cross border debt relief issues. The Committee has also recommended certain provisions for resolving any discrepancy between the provisions relating to domestic lending capacity and proposed border crossings. UNCITRAL The UNCITRAL draft law has been implemented in about 44 countries. Therefore, it has been included in the best traditions on international level to deal with issues related to cross border borrowing. It is beneficial for the inclusion of provisions related t...