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Abstract This article examines India's journey towards a cross-border insolvency regime and its draft law on cross-border insolvency. The article analyses the areas of convergence and divergence between India's draft law and the UNCITRAL Model Law on Cross-Border Insolvency and identifies the factors behind the divergences. The article concludes that the implementation of a cross-border insolvency regime is crucial for India to ensure coordination in cross-border insolvency proceedings and thereby attract foreign investment. The analysis of the reasons behind the divergences suggests that four areas of divergence are particularly relevant: the structure of existing legal institutions; the reciprocity requirement; restrictions on the rights of access of foreign representatives; and the historical practice of the Indian courts to follow the principle of territorialism. The success of the Indian cross-border insolvency regime will very much depend on the ability of the adjudicating authorities to overcome territorialism and embrace the principle of modified universalism.
Goswami et al. (Thu,) studied this question.