State the procedure for serving notice to foreign creditors under UNICITRAL Model Law.

As per Article 14 of the Model Law, laws of the enacting State relating to Insolvency will specify that a notification is to be given to creditors and also other known creditors who do not have address in the enacting State. Court may order to take appropriate steps for notifying any creditor whose address is not yet known. The purpose of notifying foreign creditors is to inform the commencement of the insolvency proceeding and of the time-limit to file their claims. Such notification shall be made to the foreign creditors individually, unless the court considers that, under the circumstances, some other form of notification would be more appropriate. No letters rogatory or similar other formality is required. Such notification shall indicate: Reasonable time period for filing claims and place at which to be filed; Whether secured creditors need to file their secured claims; and Any other information required to be included in such a notification to creditors pursuant to the law of this State and the orders of the court ordering Insolvency Process. Thus corporate persons, partnership firms or individual entrepreneurs having dealings with foreign customers or suppliers are assured of smooth international trade in view of local legislations framed in consonance with UNCITRAL Model Law.