TaxTMI 
TaxTMI 
Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020
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....ruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board 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 regulat....
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....deposit. (4) A liquidator, who fails to deposit any amount into the Corporate Voluntary 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 person is registered and the Board, the evidence of deposit of the amount into the Corporate Voluntary Liquidation Account under this regulation, and a statement in Form-G setting forth the nature of the amount deposited into the Corporate Voluntary Liquidation Account, and the names and last known addresses of the stakeholders entitled to receive the unclaimed dividends or undist....
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....ng 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 principal regulations, in Schedule I, after Form F, the following forms shall be inserted, namely: - "FORM-G De....
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....N/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 (Name of Liquidator) have deposited Rs...... (Rupees ....only) into the Corporate Voluntary Liquidation Account on .... vide acknowledgment no.. ... dated ...... I (Name of Liquidator) hereby certify that the de....
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....raw 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 residing at [insert address], hereby declare and state as follows: 1. I am entitled to receive a sum of Rs.... (Rup....