The Indian insolvency regime has undergone a sea change in the last three years resulting in a more conducive creditor-friendly environment in the context of distressed companies. The change in the regime has led to an increased presence of multinational companies (MNCs) in the country. Such MNCs have existence across borders, resulting in an array of creditors, both domestic and foreign. But when these companies are part of a business group (multinational enterprises [MNEs]), can the creditors satiate their unpaid debt from one company through the assets of another associate company? The answer to this question is complicated because on the one hand lies the doctrine of ‘separate legal personality’ which is the foundation of the entire structural regime of corporate law, while on other lies the exceptional circumstance wherein group companies may be considered to be a single entity. This problem is further complicated when the parent/associate company is situated outside India.

中文翻译：

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印度的跨境公司破产法：处理跨国集团公司的破产问题—确定集团破产的管辖权

在过去的三年中，印度破产制度发生了翻天覆地的变化，在陷入困境的公司背景下，建立了一个更有利于债权人友好的环境。政权的变化导致跨国公司在该国的存在增加。这样的跨国公司跨境存在，产生了一系列国内外债权人。但是，当这些公司属于一个业务组（跨国企业[MNE]）时，债权人是否可以通过另一家联营公司的资产来偿还他们从一家公司获得的未偿债务？这个问题的答案很复杂，因为一方面在于“独立法人资格”学说，这是公司法整个结构性制度的基础，另一方面是集团公司可以被视为单一实体的特殊情况。当母公司/联营公司位于印度境外时，此问题将变得更加复杂。