Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020. - IBBI/2019-20/GN/REG053 - Insolvency and Bankruptcy

Corporate Liquidation Account created for deposit and withdrawal of unclaimed dividends and undistributed proceeds in liquidation processes.

The regulations create a Corporate Liquidation Account as the repository for unclaimed dividends and undistributed proceeds, require liquidators to deposit such amounts and accrued income into the Account (with a fifteen-day deposit deadline for amounts held on commencement), impose twelve percent per annum interest for late deposits, mandate evidence submission in Form I, empower the Board to permit withdrawals on proof via Form J, require Board receipts, debtor-wise ledgers, custodianship by an Executive Director-level officer, annual audit and forwarding of accounts, and provide that unclaimed balances after fifteen years transfer to the Consolidated Fund of India.