IBBI amended Voluntary Liquidation Process Regulations

Published on January 17, 2020
Current context: The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 on 15th January 2020.
IBBI amended Voluntary Liquidation Process Regulations 
  • IBBI notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020 on 15th January. 2020.
  • The amendment provides that a Liquidator shall deposit the number of unclaimed dividends if any, and undistributed proceeds, if any, in a liquidation process along with any income earned thereon into the Corporate Voluntary Liquidation Account before submission of an application for dissolution of the corporate person.
  • It also provides a process for a stakeholder to seek withdrawal from the Corporate Voluntary Liquidation Account.
  • The amended regulations are effective from 16th January 2020.

Question: 

Q.1 Choose the correct statement about the recently notified Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020? 
  1. A Liquidator shall deposit the amount of unclaimed dividends along with any income earned thereon into the Corporate Voluntary Liquidation Account before submission of an application for dissolution of the corporate person.
  2. It provides a process for a stakeholder to seek withdrawal from the Corporate Voluntary Liquidation Account.
a. Only 1
b. Only 2
c. Both 1 and 2
d. None of the above

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