The Insolvency and Bankruptcy Board of India (IBBI), in collaboration with the World Bank, organized a Workshop on Enterprise Group Insolvency and Cross-Border Insolvency on March 12, 2025, at Scope Complex, New Delhi. The event brought together national and international experts, insolvency professionals, and policymakers to discuss global best practices, legal frameworks, and policy recommendations in addressing cross-border insolvency and enterprise group resolution challenges.
In his opening remarks, Mr. Sandip Garg, Whole Time Member, IBBI, acknowledged the effective handling of cross-border insolvency cases by Adjudicating Authorities despite the absence of a formal legal framework in India. He highlighted the role of judicial discretion and pragmatic decision-making in resolving such cases.
Mr. James H. M. Sprayregen, Vice Chairman, Hilco Global, delivered a session on Cross-Border Insolvency, offering an in-depth analysis of the UNCITRAL Model Law on Cross-Border Insolvency, as adopted by the United States. He discussed its key provisions, legal mechanisms, and practical implications in cross-border insolvency proceedings.
Mr. Bahram Vakil, Co-founder and Partner, AZB & Partners, examined the interplay between the U.S. and India’s evolving cross-border insolvency frameworks, identifying potential areas for alignment and cooperation to enhance India's insolvency resolution mechanisms.
Ms. Antonia P. Menezes, Senior Financial Sector Specialist at the World Bank, summarized the key insights and discussions from the workshop, emphasizing strategic approaches to strengthening India’s insolvency regime.
With over 100 participants, the workshop provided valuable perspectives on international best practices and legal strategies for enhancing India's enterprise group insolvency and cross-border resolution framework. The event concluded with a vote of thanks by Mr. Shiv Anant Shanker, Chief General Manager, IBBI.
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