"Vasudev Kutumbakam or one world one family is the motto of any business entity in addition to political and cultural togetherness. This has prompted to the formation of United Nations Organisation (UNO) to ensure smooth

United Nations Commission on International Trade Law (UNCITRAL) was formed in 1966 as on organ of UNO with a mandate to further the harmonization and unification of the law relating to International Trade. Commission has developed a Model Law on Cross-Border Insolvency (the Model Law) in order to create and maintain harmony in regulatory aspects of insolvency mechanism across countries. The Model Law respects the differences among national procedural laws and does not attempt a substantive unification of insolvency law. It offers solutions that help in several significant ways to have harmony among regulatory frameworks. Its Motto is harmonization of legislations across countries. Model Law aims co-operation between the courts and competent authorities, greater legal certainty for trade and investment, fair and efficient administration to protect the interests of creditors, stakeholders including the debtor, protection, maximisation of the value of the debtor's assets and facilitation of the rescue of financially troubled businesses thus protecting investment and preserving employment. Key provision of Model Law aims at access, recognition, relief assistance and co-operation.