IBBI clarification regarding deposit and withdrawal of unclaimed dividends and / or undistributed proceeds

Insolvency and Bankruptcy Board of India vide circular dated 13th February, 2024 has issued clarification regarding deposit and withdrawal of unclaimed dividends and / or undistributed proceeds. It is clarified that to facilitate the request received from a stakeholder, under regulation 39(7), who claims to be entitled to any amount deposited into the Corporate Voluntary Liquidation Account for withdrawal before the dissolution of the corporate person, the liquidator shall apply to the Board for the release of the amount for onward distribution to the stakeholders.