The provisions of Article XI of the Protocol, subject to the declaration deposited by India, shall apply, mutatis mutandis, for remedies on insolvency under any law for the time being in force:

   Provided that—

   (a)  the debtor of the agreement is a—

   (i)  body corporate or firm, incorporated or registered in India; or

   (ii)  person, domiciled in or has his principal place of business in India;

   (b)  the international interest of the agreement has been registered in accordance with the Convention and Protocol; and

   (c)  the debtor and creditor have not by written agreement excluded the application of this section.