January 10, 2020
Summary of Circular in IB Code, 2016 issued on 09.01.2020 is detailed below:
1. Circular on deposit of unclaimed dividends and /or undistributed proceeds of liquidation process as per Regulation 46(1) of the IBBI (Liquidation Process) Regulations 2016:
Proviso to Regulation 46(1) provides that IBBI shall open a ‘separate bank account’ with a scheduled bank until the Corporate Liquidation Account is operated as part of the Public Accounts of India and is available for deposit of unclaimed dividends and /or undistributed proceeds of liquidation process.
Through this Circular IBBI provides the details of the said ‘separate bank account’ and advises all the Liquidators to deposit any unclaimed dividends and /or undistributed proceeds of liquidation process in this account.
Further, once any deposit is made, Liquidators shall send a scanned signed copy of the particular of deposit in this account in Form I of Schedule II of this regulation to liq.cirp@ibbi.gov.in.
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