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The UNCITRAL Model Law on Cross-Border Insolvency, established in 1997, which provides a framework for managing insolvency cases that span multiple jurisdictions. The Model Law aims to enhance cooperation among nations, facilitating the recognition of foreign insolvency proceedings and enabling foreign representatives to access local courts. It is built on four core principles: access, recognition, relief, and cooperation. Despite its adoption by 51 states, challenges remain, including inconsistent application and limited recognition of foreign proceedings in some jurisdictions, notably India. The document emphasizes the importance of harmonizing national laws to improve the handling of cross-border insolvency, highlighting ongoing developments and the need for reforms to adapt to evolving global trade dynamics.
Aahana (Fri,) studied this question.