TMI BlogInsolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020X X X X Extracts X X X X X X X X Extracts X X X X ..... rd 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 the principal regulations , for regulation 39 , the following regulation shall be substituted, namely: - 39. Corporate Voluntary Liquidation Account. (1) The Board shall operate and maintain an Account to be called the Corporate Voluntary Liquidation Account in the Public Accounts of India: Provided that until the Corporate Voluntary Liquidation Account is operated as part of the Public Accounts of India, the Board shall open a separate bank account with a Scheduled bank for the purposes of this regulation. ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l maintain a corporate person-wise ledger of the amount deposited into and the amount withdrawn from the Corporate Voluntary Liquidation Account under this regulation. (10) The Board shall nominate an officer of the level of Executive Director of the Board as the custodian of the Corporate Voluntary Liquidation Account and no proceeds shall be withdrawn without his approval. (11) The Board shall maintain proper accounts of the Corporate Voluntary Liquidation Account and get the same audited annually. (12) The audit report along with the statement of accounts of the Corporate Voluntary Liquidation Account referred to in sub-regulation (11) shall be placed before the Governing Board and shall be forwarded to the Central Government. (13) Any amount deposited into the Corporate Voluntary Liquidation Account in pursuance of this regulation, which remains unclaimed or undistributed for a period of 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 pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Identification Number of the stakeholder (PAN, CIN/LLPIN/DIN, Aadhaar No.) (Please attach Identification proof.) Amount due to the stakeholder (Rs.) Nature of Amount due Remarks (1) (2) (3) (4) (5) (6) (7) 1 2 3 C. Details of Deposit made into the Corporate Voluntary Liquidation Account I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nds / undistributed proceeds deposited by the Liquidator in the Corporate Voluntary Liquidation Account against the stakeholder 11 Amount of unclaimed dividends / undistributed proceeds the Stakeholder seeks to withdraw from the Corporate Voluntary Liquidation Account 12 Bank Account to which the amount is to be transferred from the Corporate Voluntary Liquidation Account, if withdrawal is approved (a) Account No.: (b) Name of Bank: (c) IFSC: (d) MICR: (e) Address of Branch of the Bank: 13 Reasons for not taking dividend or proceeds during the Voluntary Liquidation Process 14 Any legal disability in applying for withdrawal? (Yes / No), If yes, please provide details DECLARATION I, [Name of stakeholder], currently residi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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