January 21, 2020
Summary of the circular issued by IBBI on 20/01/2020
1. IBBI notifies the details of the Scheduled Bank account for liquidators to deposit any unclaimed dividend and / or undistributed proceeds of voluntary liquidation process under Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017:
In line with the proviso to Regulation 39(1) of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, IBBI has opened a separate bank account, details of which are furnished in the said circular. Liquidators, therefore, are required to deposit unclaimed dividends, if any, and undistributed proceeds, if any, in a voluntary liquidation process into the said account, till such time the Corporate Voluntary Liquidation Account is operated as part of the Public Accounts of India under Regulations 39(1).
Further, the liquidator shall also e-mail the scanned signed copy of the said Form-G of the Schedule I to the Regulations, containing particulars of the amount deposited into the said account, to email@example.com.