Insolvency and Bankruptcy Code and US Cross-Border Insolvency Regime
Updates to India's Insolvency and Bankruptcy Code (IBC) change the landscape of Indian business pursuing bankruptcy claims from U.S. entities. Partner Heidi Sorvino presented to representative of Indian banks, accounting firms and law firms on the impact of the changes and how companies can leverage them to recover assets from U.S. businesses. Topics addressed include:
- Overview of Model Law and Chapter 15 addition to Bankruptcy Code
- Qualifying Foreign Proceedings
- Recognition Hearings
- Differences between Main and Non-Main proceedings
- Impact on foreign creditors based in the U.S.
- Advantages and disadvantages of Chapter 15