Insolvency & BankruptcyLegal Updates

IBBI provides account details for depositing unclaimed dividends and/or undistributed proceeds of liquidation processes as per amended IBBI (Liquidation Process) Regulations

IBBI Updates

On the 6th of January 2020, IBBI has issued Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020. Regulation 46 has been amended wherein IBBI is required to 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. Further, Regulation 46 mentions that the IBBI required 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. 

Hence, below are the 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

Thus, liquidators are 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.

Click below to read the circular issued by IBBI 

https://www.ibbi.gov.in/webadmin/pdf/whatsnew/2020/Jan/Liq-circular27_2020-01-09%2023:56:57.pdf

 

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