Vol 22 (2025) - Issue 5

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The First Singapore Court Decision Recognising a Corporate Insolvency Resolution Pro cess under the Singapore Model Law on Cross-Border Insolvency

Synopsis
In the first decision of its kind, the General Division of the High Court of Singapore (the ‘Court’) has recognised an Indian Corporate Insolvency Resolution Process (‘CIRP’) under Art. 17 of the UNCITRAL Model Law on Cross-Border Insolvency (the ‘Model Law’).
The Court held that: – The CIRP constituted a valid ‘foreign proceeding’ within the meaning of the Model Law; – The National Company Law Tribunal, an administrative body constituted via a notification of the Indian Ministry of Corporate Affairs, was a ‘foreign court’ within the meaning of the Model Law.
Further, the Court declined to grant an order sought by the corporate debtor permitting the repatriation of assets in Singapore to India without the leave of the Court.