Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020.

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.... 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, as it would have shared....

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....oceeds in a liquidation process 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. ....

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.... 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 shall be inserted, namely: - "FORM -I Deposit of Unclaimed Dividends and / or Undistributed Proceeds [Under Regulation 46 (5) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016] A. Details of Liquidation Process Sl. No. Description Particulars (1) (2) (3) 1 Name of the Corporate Debtor   2 Identifica....

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....egulations, 2016] Sl. No. Description Particulars (1) (2) (3) 1 Name of the Corporate Debtor    2 Identification Number of CD (CIN/DIN)   3 CIRP Commencement Date    4 Liquidation Commencement Date    5 Date of Dissolution Order   6 Date of Deposit into the Corporate Liquidation Account   7 Name of the Stakeholder seeking withdrawal   8 Identification Number of the Stakeholder  (a) PAN (b) CIN  (c) Aadhaar No.   9 Address and Email Address of Stakeholder   10 Amount of Claim of the Stakeholder, admitted by the Liquidator   11 Amount of unclaimed dividends / undistributed proceeds deposited by the liquidator in the Corporate Liquidation  Account against the stakeholder     12 Amount of unclaimed dividends / undistributed proceeds the Stakeholder seeks to withdraw from the Corporate Liquidation Account   13 Bank Account to which the amount is to be transferred from the Corporate Liquidation Account, if withdrawal is approved ....