The much-awaited Insolvency and Bankruptcy Code 2015, which aims to resolve cases of corporate and individual bankruptcy, does not have provisions to deal with cross-border insolvency. Currently, the Code is being examined by a Joint Parliamentary Committee (JPC), which has sought an extension.The JPC is understood to have raised the issue of cross-border insolvency with the BLRC and made certain suggestions, including the need to secure information on an insolvent debtor's overseas assets. In its present form, the legislation is not equipped to deal with cases - such as that of Kingfisher Airlines chief Vijay Mallya - where a debt defaulter has assets overseas. "Ideally, it should be part of the Code, but as of now it is not, because cross-border insolvency resolution requires an existing ecosystem and infrastructure, which has to be put in place," TK Viswanathan, head of the Bankruptcy Law Reform Committee (BLRC), which formalised the draft law, told a newspaper. "Also, (providing for) cross-border insolvency would require Resolution Professionals of foreign companies to participate in proceedings in India. This is not allowed at present," he said, adding that "we don't have a body to recognise them." Expressing the hope that the Code will be passed in the current session of Parliament, Viswanathan said it will require at least three months for the whole mechanism to be in place. Centre need only amend Bill Asked about the options available to incorporate cross-border insolvency provisions, Viswanathan said, "Even if the Bill is passed in its current form, the government can move an amendment."