The Insolvency Law Committee set up to recommend amendments to Insolvency and Bankruptcy Code of India 2016, has submitted its second report to the government on Monday. <br />''<br />''<br />''Corporate Affairs Secretary Injeti Srinivas submitted the report to Finance Minister Arun Jaitley. <br />''<br />''<br />''The committee has recommended the adoption of the UNCITRAL Model Law of Cross-Border Insolvency as it provides for a comprehensive framework to deal with cross-border insolvency issues. It has also recommended a few carve-outs to ensure that there is no inconsistency between the domestic insolvency framework and the proposed Cross-Border Insolvency Framework.<br />''<br />''<br />''<span style="color: #222222;">The UNCITRAL Model Law has been adopted in as many as 44 countries and, therefore, forms part of international best practices in dealing with cross-border insolvency issues. The advantages of the model law are the precedence given to domestic proceedings and protection of public interest. The other advantages include greater confidence generation among foreign investors, adequate flexibility for seamless integration with the domestic Insolvency Law and a robust mechanism for international cooperation.</span><br />