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Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020 - IBBI/2019-20/GN/REG054 - Insolvency and Bankruptcy

Extract

..... ome into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (hereinafter referred to as the principal regulations), in regulation 2, in sub-regulation (1), after clause (b), the following clause shall be inserted, namely: - ‘(ba) “Corporate Voluntary Liquidation Account” means the Corporate Voluntary Liquidation Account operated and maintained by the Board under regulation 39;’. 3. In the principal regulations, in regulation 10, in sub-regulation (2), for clause (q), the following clause shall be substituted, namely:- “(q) Register of unclaimed dividends and undistributed proceeds; and” 4. In .....

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Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020 - IBBI/2019-20/GN/REG054 - Insolvency and Bankruptcy

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..... liquidator shall submit to the authority with which the corporate person is registered and the Board, the evidence of deposit of the amount into the Corporate Voluntary Liquidation Account under this regulation, and a statement in Form-G setting forth the nature of the amount deposited into the Corporate Voluntary Liquidation Account, and the names and last known addresses of the stakeholders entitled to receive the unclaimed dividends or undistributed proceeds. (6) The liquidator shall be entitled to a receipt from the Board for any amount deposited into the Corporate Voluntary Liquidation Account under this regulation. (7) A stakeholder, who claims to be entitled to any amount deposited into the Corporate Voluntary Liquidation Account, m .....

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Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020 - IBBI/2019-20/GN/REG054 - Insolvency and Bankruptcy

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..... f fifteen years from the date of order of dissolution of the corporate person and any amount of income or interest received or earned in the Corporate Voluntary Liquidation Account shall be transferred to the Consolidated Fund of India.”. 5. In the principal regulations, in Schedule I, after Form F, the following forms shall be inserted, namely: - “FORM-G Deposit of Unclaimed Dividends and/or Undistributed Proceeds [Under Regulation 39(5) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017] A. Details of Voluntary Liquidation Process Sl. No. Description Particulars (1) (2) (3) 1 Name of the Corporate Person 2 Identification Number of Corporate Person (CIN/LLPIN) 3 Voluntary Liquidati .....

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Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020 - IBBI/2019-20/GN/REG054 - Insolvency and Bankruptcy

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..... edge and belief, and nothing material has been concealed. (Signature) Name of the Liquidator IP Registration No: Address as registered with the Board: Email id as registered with the Board: Date:………….. Place:…………………….. FORM-H Withdrawal from Corporate Voluntary Liquidation Account [Under Regulation 39(7) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017] Sl. No. Description Particulars (1) (2) (3) 1 Name of the Corporate Person 2 Identification Number of Corporate Person (CIN/LLPIN) 3 Voluntary Liquidation Commencement Date 4 Date of Dissolution Order 5 Date of Deposit into the Corporate Voluntary Liquidation A .....

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Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020 - IBBI/2019-20/GN/REG054 - Insolvency and Bankruptcy

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..... as decided by the Board, in case the Board finds that I am not entitled to this amount. 4. I authorise the Board to initiate appropriate legal action against me if my claim is found false at any time. Date: Place: (Signature of the Stakeholder) VERIFICATION I, [Name] the stakeholder hereinabove, do hereby verify that the contents of this Form are true and correct to my knowledge and belief and no material fact has been concealed therefrom. Verified at … on this …… day of ………., 20… (Signature of the Stakeholder) [Note: In the case of a company or limited liability partnership, the declaration and verification shall be made by the director/manager/secretary/ designated partner and in the case o .....

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Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020 - IBBI/2019-20/GN/REG054 - Insolvency and Bankruptcy

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