Singapore High Court Recognises Indian CIRP of Compuage Infocom as Foreign Main Proceeding Under UNCITRAL Model Law

Findings

The High Court of Singapore has recognised the Corporate Insolvency Resolution Process (CIRP) of Compuage Infocom Limited as a foreign main proceeding under the UNCITRAL Model Law on Cross-Border Insolvency, as incorporated under the Insolvency, Restructuring and Dissolution Act 2018. The application was filed by Compuage Infocom Limited and its Resolution Professional, Mr. Gajesh Labhchand Jain, seeking recognition of CIRP initiated in India pursuant to orders of the National Company Law Tribunal (NCLT), Mumbai. The CIRP had been commenced following default on loan obligations, with Mr. Jain subsequently appointed as Resolution Professional.

The Court examined whether the CIRP qualified as a “foreign proceeding” under the Model Law. It held that the CIRP satisfied all statutory requirements, including that it is a collective judicial process conducted under insolvency law, involving supervision by a competent authority, namely the NCLT. The Court further recognised the NCLT as a “foreign court” given its adjudicatory role and supervisory powers over insolvency proceedings. It was also held that Mr. Jain qualified as a “foreign representative” authorised to administer the debtor’s affairs. The procedural requirements for recognition under Article 15 of the Model Law were found to be duly satisfied.

On the issue of Centre of Main Interests (COMI), the Court determined that India was the COMI of the corporate debtor, noting that its registered office, management, operations, and majority of creditors were located in India.

Accordingly, the Court granted recognition of the CIRP as a foreign main proceeding under Article 17 of the Model Law.

However, the Court declined to grant immediate relief permitting repatriation of assets from Singapore to India. It held that such relief would require prior leave of the Court to ensure adequate protection of Singapore-based creditors.

The decision marks one of the early instances of Singapore courts granting recognition to Indian insolvency proceedings, reinforcing cross-border insolvency cooperation under the Model Law framework.