IBBI circular IBBI/LIQ/68/2024 · 13 Feb 2024
Official title
Circular - Deposit and withdrawal of unclaimed dividends and / or undistributed proceeds in accordance with regulation 39 of the IBBI (Voluntary Liquidation Process) Regulations, 2017
Official record
Open source pageSummary
The Insolvency and Bankruptcy Board of India has clarified the procedure for liquidators to withdraw unclaimed dividends or undistributed proceeds from the Corporate Voluntary Liquidation Account. Under Regulation 39 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, liquidators must deposit such amounts into the specified account and report details via Form-G. If a stakeholder claims entitlement to these funds before the corporate person is dissolved, the liquidator is required to submit a formal request to the Board using the prescribed Annexure. This process facilitates the release of funds for onward distribution to the rightful stakeholders.
What you must do
Key dates
Who is affected
Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001
CIRCULAR
No. IBBI/LIQ/68/2024
13th February, 2024
To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on the website of the IBBI)
Dear Madam/Sir,
Sub: Deposit and withdrawal of unclaimed dividends and / or undistributed proceeds in accordance with regulation 39 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.
Regulation 39 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 provides a framework for the management of unclaimed deposits and undistributed proceeds during the voluntary liquidation process. As per the regulation, liquidators are mandated to deposit unclaimed / undistributed amounts into the Corporate Voluntary Liquidation Account and inform the Insolvency and Bankruptcy Board of India (IBBI / Board) in Form-G containing the details regarding the stakeholders entitled to such deposited amount.
To facilitate the request received from a stakeholder, under regulation 39(7), who claims to be entitled to any amount deposited into the Corporate Voluntary Liquidation Account for withdrawal before the dissolution of the corporate person, the liquidator shall apply to the Board in the form as per Annexure, for the release of the amount for onward distribution to the stakeholders.
This is issued in exercise of the powers conferred under section 196 of the Insolvency and Bankruptcy Code, 2016.
Yours faithfully, -Sd- (Rajesh Tiwari) General Manager
Annexure
Request by liquidator for withdrawal from Corporate Voluntary Liquidation Account for onward distribution to the stakeholders under regulation 39 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.
Details of withdrawal request -
| Sl. No. | Description | Particulars |
|---|---|---|
| (1) | (2) | (3) |
| 1 | Name of the Corporate Person | |
| 2 | Identification Number of Corporate Person (CIN/LLPIN) | |
| 3 | Voluntary Liquidation Commencement Date | |
| 4 | Date of Deposit into the Corporate Voluntary Liquidation Account | |
| 5 | Acknowledgement number issued by the Board | |
| 6 | Amount (Rs.) deposited into Corporate Voluntary Liquidation Account | |
| 7 | Amount (Rs.) being requested for withdrawal | |
| 8 | Name of the stakeholder to whom the amount proposed to be distributed | |
| 9 | S.No. at which name of stakeholders appeared in the list submitted to the Board | |
| 10 | Reason for earlier non-distribution of such an amount | |
| 11 | Justification for the present request | |
| 12 | Details of the account where the amount is to be refunded | |
| a. Name of the Bank | ||
| b. Account number | ||
| c. Bank Name and address | ||
| d. MICR | ||
| e. IFSC Code (Supported by copy of cancelled cheque) |
I (Name of Liquidator) hereby certify that the details provided in this Form are true and correct to the best of my knowledge and belief, and nothing material has been concealed.
(Signature) Name of the Liquidator IP Registration No: Address as registered with the Board: Email ID as registered with the Board:
Date: Place:
