IBBI amends Voluntary Liquidation Process Regulations, 2020
Published: Jan 16, 2020
By TIOLCORPLAWS News Service
NEW DELHI, JAN 16, 2020: THE Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020 on 15th January. 2020.
The aforesaid amendment provides that a Liquidator shall deposit the amount of unclaimed dividends, if any, and undistributed proceeds, if any, in a liquidation process 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 today. These are available at www.mca.gov.in and www.ibbi.gov.in.