On a theorem of Faltings on formal functions

In 1980, Faltings proved, by deep local algebra methods, a local result regarding formal functions which has the following global geometric fact as a consequence. Theorem: Let k be an algebraically closed field (of any characteristic). Let Y be a closed subvariety of a projective irreducible variety X defined over k. Assume that X \subseteq P^n, dim(X)=d>2 and Y is the intersection of X with r hyperplanes of P^n, with r \le d-1. Then, every formal rational function on X along Y can be (uniquely) extended to a rational function on X. Due to its importance, the aim of this paper is to provide two elementary global geometric proofs of this theorem.