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of <h1>India Amends Voluntary Liquidation Regulations: New Account for Unclaimed Funds, Audit Rules, and 15-Year Transfer Clause.</h1> The Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020, effective from January 15, 2020, introduces changes to the 2017 regulations. A key amendment involves the creation of a 'Corporate Voluntary Liquidation Account' for managing unclaimed dividends and undistributed proceeds during liquidation. Liquidators must deposit these funds into the account and provide evidence of the deposit. Stakeholders can claim entitlements through a formal application process. The Board will maintain detailed records and audit the account annually. Unclaimed funds after fifteen years will be transferred to the Consolidated Fund of India.
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