CAIRR Update February 23, 2024

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CAIRR Update February 23, 2024


Summary of the IBBI Circulars dated 22/02/2024.

These circulars are integrated in our free-to-use website

Deposit and withdrawal of unclaimed dividends and / or undistributed proceeds during the Corporate liquidation process.

The circular has listed the following details to be submitted by the Liquidator, through Form-I, to process the request received from a stakeholder who claims any amount deposited into the Corporate Liquidation Account for withdrawal before the dissolution of the corporate person:

 1.  Name and CIN/LLPIN of the Corporate Person

2.  Liquidation Commencement Date

3.  Date and amount of Deposit into the Corporate Liquidation Account along with the Acknowledgement number issued by the Board

4.  Amount (Rs.) being requested for withdrawal

5.  Name of the stakeholder to whom the amount proposed to be distributed and the Serial Number at which his name appeared in the list submitted to the Board.

6.  Reason for earlier non-distribution of such an amount and the Justification for the present request

7.  Details of the account where the amount is to be refunded.

Click here to view the IBBI Circular on Deposit and withdrawal of unclaimed dividends and/ or undistributed proceeds in the Voluntary Liquidation Process.

Enhancing Transparency and Stakeholder Engagement in Liquidation Process

IBBI has taken the following measures to enhance the transparency and engagement with the stakeholders during the liquidation process-

1.  The Liquidator is now directed to share the progress reports with the members of the Stakeholders’ Consultation Committee (SCC) which earlier was shared only with the Adjudicating Authority (AA) and the IBBI / Board till the filing of the final report.

2.  The liquidator will now seek the suggestions / observations of the members of the SCC while preparing the Preliminary Report and finalise the Preliminary Report only after considering such suggestions / observations, and thereafter, submit it to the AA, Board and members of SCC.

3.  Further the Liquidator will now be required to submit a copy of Form H along with the final report which is filed before the AA, and the order for process closure/dissolution to the Board to the email ID:

Click here to view the IBBI Circular on measure for enhancing transparency and stakeholder engagement in Liquidation process.

By | 2024-02-26T12:09:49+00:00 February 26th, 2024||0 Comments

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