RDX International Ltd is undergoing Corporate Insolvency Resolution Process. The Resolution Professional noticed large chunk of plant and machinery of the company are situate in a foreign country with which Government of

Attention of the Resolution Professional can be drawn to the provisions of Section 234 and 235 of the Insolvency and Bankruptcy Code, 2016 (IBC). Section 234 envisages the Central Government to notify to recover properties of the Corporate Debtor or any such Guarantor situated in a country, with which there is a reciprocal arrangement subject to specified conditions. Section 235 of the IBC enables the Resolution Professional to apply to Adjudicating Authority in such situations. On filing such application, the authority after being satisfied as to the evidences produced, may issue a letter of request to the Court or other authority of the other country for a suitable action. The current cross border insolvency framework in India is dependent on entering into Bilateral agreements with other countries. In the instant case, bilateral relation exists with the foreign nation and Resolution Professional may avail the provisions of Section 235.