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 – Circular No. IBBI/LIQ/027/2020 dated 09.01.2020 – IBC

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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).

2. 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.

3. 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 : 2xxxxxxxxx15
Nature of Account : Current
Name of the Bank : Punjab National Bank
IFSC Code :Pxxxxxx5400
Name of the Branch : Barakhamba Road Branch, New Delhi

4. 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.

5. 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

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