ENA Economy 2022-01-06 10:18:21 <p><strong>New Delhi, 6 Jan (KNN)</strong> As per an official source, the Government is expected to plan a comprehensive framework on cross-border insolvency and make various changes to the corporate insolvency resolution process (CIRP) to expedite the process.</p> <p>The proposal for a comprehensive framework on cross-border insolvency will be soon be finalized by the Ministry of Corporate Affairs (MCA).</p> <p>The reports in the media citing official sources surmised that a pragmatic approach was being adopted in this case.</p> <p>After the framework is done by MCA, it will be sent to the legislation for examining the Bill and for final approval it will be sent to the Union Cabinet.</p> <p>No timeline has been predicted for this development to take place, however it is likely that government may push for the enactment of the IBC amendment bill in upcoming budget session.</p> <p>The UN legal model observed in US, UK, Japan and Singapore is likely to be adopted by India or the cross border insolvency will be patterned around it.</p> 28040 https://knnindia.co.in/news/newsdetails/economy/mca-planning-a-comprehensive-ibc-framework-to-address-cross-boarded-insolvency-issues 2022-01-06 10:18:21 knnindia.co.in