The Chapter applies where assistance is sought in India by a foreign court or a foreign representative in connection with foreign proceedings; or assistance is sought in a foreign State in connection with proceedings under the laws of India relating to insolvency; or foreign proceedings and proceedings under the laws of India relating to insolvency in respect of the same debtor are taking place concurrently; or creditors or other interested persons in a foreign State have an interest in requesting the commencement of, or participating in, proceedings under the laws of India relating to insolvency.
However, our banking system’s negative net foreign asset position in 2007 was similar to Ireland’s,  1  2  IMF (2010), “Cross-cutting themes in economies with large banking systems”, Policy Paper, 16 April. BIS central bankers’ speeches  but smaller than Iceland’s. (The rest of the world’s net claims on the New Zealand banking sector is also reflected in figure 1 below).