Power to make rules for cross-border insolvency

(1) Notwithstanding anything to the contrary contained in this Code and the Companies Act, 2013, the Central Government may prescribe the manner and conditions for administering and conducting cross-border insolvency proceedings under this Code, including the process for recognition of proceedings, granting relief, judicial cooperation, assistance and coordination in connection with such proceedings, for such class or classes of debtors or corporate debtors involving such countries or territories outside India, as may be notified by the Central Government in this regard. (2) The rules made under this section may provide that any of the provisions of this Code or the Companies Act, 2013 shall apply with such exceptions, modifications and adaptations, as may be required to administer and implement the provisions of this section and rules made thereunder, including designating one or more Benches for dealing with proceedings under this section. (3) A draft of every rule proposed under this section shall be laid before each House of Parliament in such manner as provided under sub-sections (4) to (6) of section 59A, which shall, mutatis mutandis apply, to the rules made under this section. 190 Ins. by Act No. 26 of 2021, sec. 17 (w.e.f. 04-04-2021). 191 Ins. by Act No. 26 of 2018, sec. 37 (w.e.f. 6-6-2018). 192 Sections 240B and 240C inserted by the Insolvency and Bankruptcy Code (Amendment) Act, 2026 (Act No. 6 of 2026), sec. 71. Section 71 has not been brought into force by S.O. 2625(E), dated 22-05-2026. Accordingly, sections 240B and 240C are enacted but are not operative as at 26-05-2026; the operative Code as at that date proceeds from section 240A directly to section 241.

Explanation.—For the purposes of this section, the expression “corporate debtor” shall also include any person incorporated with limited liability outside India.