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Unclaimed proceeds of liquidation or undistributed assets

Regulation 39 - Regulation - PROCEEDS OF LIQUIDATION AND DISTRIBUTION OF PROCEEDS - Insolvency and Bankruptcy - Regulation 39 - 39. (1) Before the order of dissolution is passed under section 59(8), the liquidator shall apply to the Adjudicating Auth .....

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should have been paid by him into the Companies Liquidation Account under this Regulation shall pay interest on the amount retained at the rate of twelve per cent per annum, and also pay such penalty as may be determined by the Board. (3) The liquida .....

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erein, the amount to which each is entitled to and the nature of their claim. (4) The liquidator shall be entitled to a receipt from the Reserve Bank of India for any money paid to it under sub-regulation (2), and such receipt shall be an effectual d .....

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