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TMI BlogInsolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020.X X X X Extracts X X X X X X X X Extracts X X X X ..... ause (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 in case it had relinquished the security interest, to the liquidator ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gulations, 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. (7) A stakeholder, who claims to be entitled to any amount deposited into the Corporate Liquidation Account, may apply to the Board in Form J for an order for withdrawal of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er 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 Identification Number of CD (CIN/DIN) 3 CIRP Commencement Date 4 Liquidation Commencement Date 5 Date of Deposit into the Corporate Liquidation Account 6 Amount deposited into the Corporate Liquidation Account (Rs.) 7 Bank Account from which the amount is transferred to Corporate Liquidation Account (a) Account No: (b) Name of Bank: (c) IFSC: (d) MICR: (e) Address of B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt is to be transferred from the Corporate Liquidation Account, if withdrawal is approved (a) Account No.: (b) Name of Bank: (c) IFSC: (d) MICR: (e) Address of Branch of the Bank: 14 Reasons for not taking dividend or proceeds during the Liquidation Process 15 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…. (Rupees … only) from the Corporate Liquidation Account, as presented above. 2. In respect of the said sum or any part thereof, neither I nor any person, by my order, to my knowledge or belief, for my use, has received any manner of satisfaction or security whatsoever, save and except the following: ............... 3. I undertake to refund the entire amount with interest as decided by the Board, in case the Board finds that I am not entitled to this amount. 4. I authorise the Board to initiate appropriate legal action against me if my claim is found false at any time. Date: Place: (Signature of the Stakeholder) VERIFICATION I, [Name] the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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