Regulation 41 - All money to be paid in to bank account - Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

CHAPTER VII PROCEEDS OF LIQUIDATION AND DISTRIBUTION OF PROCEEDS All money to be paid in to bank account 41 . (1) The liquidator shall open a bank account in the name of the corporate debtor followed by the words 'in liquidation', in a scheduled bank, for the receipt of all moneys due to the corporate debtor. (2) The liquidator shall deposit in the bank account opened under sub-regulation (1) all moneys, including cheques and demand drafts received by him as the liquidator of the corporate debtor, and the realizations of each day shall be deposited into the bank account without any deduction not later than the next working day. (3) The liquidator may maintain a cash of one lakh rupees or such higher amount as may be permitted by the Adjudicating Authority to meet liquidation costs. (4) All payments out of the account by the liquidator above five thousand rupees shall be made by cheques drawn or online banking transactions against the bank account.