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The Tax Publishers Notification Notification No. IBBI/2019-20/GN/REG054, dt. 15-01-2020 Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020--Amendment in Regulations 2 and 10, Substitution of Regulation 39; Insertion of Form-G and Form-H In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, namely :-- 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (hereinafter referred to as the principal regulations), in regulation 2, in sub- regulation (1), after clause (b), the following clause shall be inserted, namely :-- '(ba) 'Corporate Voluntary Liquidation Account' means the Corporate Voluntary Liquidation Account operated and maintained by the Board under regulation 39;'. 3. In the principal regulations, in regulation 10, in sub-regulation (2), for clause (q), the following clause shall be substituted, namely :-- '(q) Register of unclaimed dividends and undistributed proceeds; and' 4. In the principal regulations, for regulation 39, the following regulation shall be substituted, namely :-- '39. Corporate Voluntary Liquidation Account -- (1) The Board shall operate and maintain an Account to be called the Corporate Voluntary Liquidation Account in the Public Accounts of India: SUBSCRIBE FOR FULL CONTENT

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Notification

Notification No. IBBI/2019-20/GN/REG054, dt. 15-01-2020

Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020--Amendment in Regulations 2 and 10, Substitution of Regulation 39; Insertion of Form-G and Form-H

In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, namely :--

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (hereinafter referred to as the principal regulations), in regulation 2, in sub- regulation (1), after clause (b), the following clause shall be inserted, namely :--

'(ba) 'Corporate Voluntary Liquidation Account' means the Corporate Voluntary Liquidation Account operated and maintained by the Board under regulation 39;'.

3. In the principal regulations, in regulation 10, in sub-regulation (2), for clause (q), the following clause shall be substituted, namely :--

'(q) Register of unclaimed dividends and undistributed proceeds; and'

4. In the principal regulations, for regulation 39, the following regulation shall be substituted, namely :--

'39. Corporate Voluntary Liquidation Account -- (1) The Board shall operate and maintain an Account to be called the Corporate Voluntary Liquidation Account in the Public Accounts of India: