ARTICLE
31 January 2020

Insolvency And Bankruptcy Board Of India Notifies Deposit Of Unclaimed Dividends And / Or Undistributed Proceeds Of Voluntary Liquidation Process Vide Notification No. IBBI/VL/028/2020 Dated January 20, 2020

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The Insolvency and Bankruptcy Board of India (IBBI), vide the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020,...
India Insolvency/Bankruptcy/Re-Structuring

The Insolvency and Bankruptcy Board of India (IBBI), vide the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020, amended regulation 39 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (Regulations).

  • The amended regulation 39 of the Regulations provides that the IBBI shall operate and maintain an Account to be called the Corporate Voluntary Liquidation Account in the Public Accounts of India for the purpose of making deposit of the amount of unclaimed dividends, if any, and undistributed proceeds, if any, in a voluntary liquidation process by the liquidator.
  • It further provides that until the Corporate Voluntary Liquidation Account is operated as part of the Public Accounts of India, the IBBI shall open a separate bank account with a scheduled bank for the deposit of unclaimed dividends and/or undistributed proceeds of voluntary liquidation processes.
  • The liquidators are advised to provide the particulars of the amount deposited into the said account as per Form-G of the Schedule I to the Regulations and send a scanned signed copy of the said Form-G electronically to liqvol@ibbi.gov.in.

https://ibbi.gov.in/uploads/legalframwork/fcbdc5eaef8db978a1d82b6cd3d92c5c.pdf

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