'A domestic business may have foreign branches or subsidiaries, or a foreign business may have domestic branches or subsidiaries. Foreign creditors may have valid claims in domestic bankruptcy cases, and domestic credito

The Preamble to UNCITRAL Model Law on Cross-Border Insolvency provides that: The purpose of this Law is to provide effective mechanisms for dealing with cases of cross-border insolvency so as to promote the objectives of: Co-operation between the courts and other competent authorities of this State and Foreign States involved in cases of Cross-border insolvency; Greater legal certainty for trade and investment; Fair and efficient administration of Cross-border insolvencies that protects the interests of all creditors and other interested persons, including the debtor; Protection and maximization of the value of the debtor's assets; and Facilitation of the rescue of financially troubled business, thereby protecting investment and preserving employment. UNCITRAL Model Law on Cross-Border Insolvency applies where: Assistance is sought in this State by a foreign court or a foreign representative in connection with foreign proceeding; or Assistance is sought in a foreign State in connection with a proceeding under [identify laws of the enacting State relating to insolvency]; or A foreign proceeding and a proceeding under (identify laws of the enacting State relating to insolvency) in respect of the same debtor are taking place concurrently; or Creditors or other interested persons in a foreign State have an interest in requesting the commencement of or participating in a proceeding under (identify laws of the enacting State relating to insolvency). UNCITRAL Model Law on Cross-Border Insolvency does not apply to a proceeding concerning (designate any types of entities, such as Banks or Insurance Companies, that are subject to a special Insolvency regime in this State and that this State wishes to exclude from this Law). The acceptance of the cross border insolvency norms was observed in the CIRP of Jet Airways Limited where the NCLAT has allowed Dutch Administrator to attend the meeting of the Committee of Creditors, however, with limited or no power to participate directly.