The Insolvency and Bankruptcy Board of India (IBBI) on February 22, 2024, issued the notification regarding the Deposit and withdrawal of unclaimed dividends and/or undistributed proceeds.
The following has been stated namely: -
• Liquidators are mandated to deposit unclaimed/undistributed amounts into the Corporate Liquidation Account and inform the Insolvency and Bankruptcy Board of India (IBBI/Board) in Form-I of the Liquidation Regulations.
• To facilitate the request received from a stakeholder, who claims to be entitled to any amount deposited into the Corporate Liquidation Account for withdrawal before the dissolution of the corporate debtor, the liquidator, after due verification, shall apply to the Board in the prescribed form for the release of the amount for onward distribution to such stakeholder
• The aforesaid form is attached to Annexure.
[Notification No. IBBI/LIQ/69/2024]
