The enactment of Insolvency and Bankruptcy Code 2016 (hereinafter referred to as the IBC 2016 or Code) provides a strong framework where the cost, time and effort is minimised in attaining liquidation process. IBC is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy cases. The bankruptcy code is one stop solution for resolving insolvencies which was a long process and did not provide an economic and viable solution. Cross-border Insolvency has several problems, including forum selection, enforcement of judgments, rights of the creditors and centre of main interest of Corporate Debtor. Differences in cross-border insolvency regimes created major issues among countries. The secured financing law of many countries is out of date or uncoordinated with other laws, such as civil procedure, insolvency law and intellectual property law. The United Nation Commission on International Trade Law (UNCITRAL) a subsidiary of U.N General Assembly seeks to address these issues by creating standards which is a part of sustainable development goals as well. The UNCITRAL (Model law) is reproduced by the most of the countries of the world with suitable modifications as they deem necessary. Each country is developing its corporate insolvency system at a distinct level. In this paper an attempt is made to identify the issues, challenges and way forward to resolve the problems which emerges in the enactment and implementation of Cross-border Insolvency Law.

Keywords: Insolvency and Bankruptcy Code, Cross-border Insolvency, UNCITRAL & Liquidation.