TMI BlogInsolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020.X X X X Extracts X X X X X X X X Extracts X X X X ..... cipal regulations), in regulation 2 , in sub-regulation (1), after clause (c), the following clause shall be inserted, namely: - (ca) Corporate Liquidation Account means the Corporate Liquidation Account operated and maintained by the Board under regulation 46 ; . 3. In the principal regulations, in regulation 2B , in sub-regulation (1), the following proviso shall be inserted, namely: - Provided that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to such compromise or arrangement. . 4. In the principal regulations, in regulation 6 , in sub-regulation (2), for clause (q), the following clause shall be substituted, namely:- (q) Register of unclaimed dividends and undistributed proceeds; and . 5. In the principal regulations, in regulation 21A , for sub-regulation (2), the following sub-regulations shall be substituted, namely: - (2) Where a secured creditor proceeds to realise its security interest, it shall pay - (a) as much towards the amount payable under clause (a) and sub-clause (i) of clause (b) of subsection (1) of section 53 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cess on the date of commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020, shall deposit the same within fifteen days of the date of such commencement, along with any income earned thereon till the date of deposit. (4) A liquidator, who fails to deposit any amount into the Corporate Liquidation Account under this regulation, shall deposit the same along with interest thereon at the rate of twelve percent per annum from the due date of deposit till the date of deposit. (5) A liquidator shall submit to the authority with which the corporate debtor is registered and the Board, the evidence of deposit of the amount into the Corporate Liquidation Account under this regulation, and a statement in Form-I setting forth the nature of the amount deposited into the Corporate 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 Liquidation Account under this regulation. (7) A stakeholder, who claims to be entitled to any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lation 45 9. In the principal regulations, in Schedule II,- (a) in Form H , in paragraph 2, in the Table, for serial numbers 44, 45 and 46 and entries thereto, the following shall be substituted, namely:- Sl. No. Particulars Description (1) (2) (3) 44 Date of deposit of unclaimed dividends or undistributed proceeds and income and interest thereon, if any, under sub-regulations (2), (3) or (4) of regulation 46 45 Amount deposited into Corporate Liquidation Account: (a) Amount of unclaimed dividends (b) Amount of undistributed proceeds (c) Income referred to in sub-regulation (2) and (3) of regulation 46 (d) Interest referred to in sub-regulation (4) of regulation 46 Total 46 Date of submission to the Board and the Authority under sub-regulation (5) of regulation 46 ; (b) after Form H, the following forms shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 2 3 C. Details of Deposit made into the Corporate Liquidation Account I (Name of Liquidator) have deposited Rs (Rupees .only) into the Corporate Liquidation Account on . vide acknowledgment no.. dated I (Name of Liquidator) hereby certify that the details provided in this Form are true and correct to the best of my knowledge 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 J Withdrawal from Corporate Liquidation Account [Under Regulation 46 (7) of the Insolvency and Bankruptcy Bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o receive a sum of Rs . (Rupees only) from the Corporate Liquidation Account, as presented above. 2. In respect of the said sum or any part thereof, neither I nor any person, by my order, to my knowledge or belief, for my use, has received any manner of satisfaction or security whatsoever, save and except the following: ............... 3. I undertake to refund the entire amount with interest 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 and in the case of other entities, an officer authorised for the purpose by the entity] . 10. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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