In India, the insolvency law is governed by the Insolvency and Bankruptcy Code, 2016. Insolvency of a company comprises of parties wherein one is the debtor and the other is the creditor. When the debtor fails to cater its obligation to pay off the creditor, then the creditor initiates the insolvency procedure under the Insolvency and Bankruptcy Code, 2016. When one of the parties in such an insolvency proceeding belong to a nation other than India, then it is categorized under the term “cross-border insolvency”.
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