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The Insolvency and Bankruptcy Board of India directs liquidators to deposit unclaimed dividends and undistributed proceeds of liquidation processes into a specific bank account. The liquidators use the current account held with Punjab National Bank under the name IBBI-Corporate Liquidation Account. The liquidators provide the details of the deposited amount by using Form-I of Schedule II to the Regulations. The liquidators send a scanned signed copy of Form-I by electronic mail to the designated email address of the board.
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Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001
CIRCULAR
No. IBBI/LIQ/027/2020
9th January, 2020
To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on website of the IBBI)
Dear Madam / Sir,
Sub: Deposit of unclaimed dividends and / or undistributed proceeds of liquidation process in accordance with regulation 46 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
The Insolvency and Bankruptcy Board of India (IBBI), vide the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020, inter alia, amended regulation 46 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Regulations).
The amended regulation 46 of the Regulations provides that the IBBI shall operate and maintain an Account to be called the Corporate Liquidation Account in the Public Accounts of India. It further provides that until the Corporate Liquidation Account is operated as part of the Public Accounts of India, the IBBI shall open a separate bank account with a scheduled bank for deposit of the amount of unclaimed dividends, if any, and undistributed proceeds, if any, in a liquidation process.
In terms of proviso to sub-regulation (1) of regulation 46 of the Regulations, the IBBI has opened a separate bank account for deposit of unclaimed dividends and/or undistributed proceeds of liquidation processes. The particulars of this account are as under:
Name of the Account : IBBI-Corporate Liquidation Account Account Number : 2254005800000015 Nature of Account : Current Name of the Bank : Punjab National Bank IFSC Code : PUNB0225400 Name of the Branch : Barakhamba Road Branch, New Delhi
The liquidators are, therefore, advised to deposit any unclaimed dividends and/or undistributed proceeds of liquidation processes into the aforesaid account in accordance with regulation 46 of the Regulations. They are further advised to provide the particulars of the amount deposited into the account as per Form-I of the Schedule II to the Regulations and send a scanned signed copy of the said Form-I electronically to liq.cirp@ibbi.gov.in.
This Circular is issued in exercise of the powers under section 196 of the Insolvency and Bankruptcy Code, 2016.
Yours faithfully, Sd/- (I. Sreekara Rao) Chief General Manager Email: sreekararao@ibbi.gov.in
