Case Study of Cross-border Insolvency of Indian Realestate Companies
Keywords:
Real Estate, Insolvency, Legal Perspectives, Cross-border Issues, NCTLAbstract
The insolvency proceedings were being managed by an insolvency professional appointed by the NCLT. However, the insolvency professional faced challenges in recovering assets of the company that were located in other countries, including the United Kingdom, the United Arab Emirates, and the Maldives. To address the cross-border insolvency issues, the insolvency professional sought assistance from the courts in those countries. The courts in the United Kingdom and the United Arab Emirates recognized the Indian insolvency proceedings and ordered a stay on all proceedings against Amrapali Group's assets in those countries. This paper explores the current scenario in real estate business and case studies perspectives.
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