The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (IBBI) ( Voluntary Liquidation Process ) (Amendment) Regulations, 2020 on 15th January. 2020.
The aforesaid amendment provides that a Liquidator shall deposit the number of unclaimed dividends if any, and undistributed proceeds, if any, in liquidation processes along with any income earned thereon into the Corporate Voluntary Liquidation Account before submission of an application for dissolution of the corporate person. It also provides a process for a stakeholder to seek withdrawal from the Corporate Voluntary Liquidation Account.
The amended regulations are effective from January 16, 2020.
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