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The Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) issued comprehensive guidelines on the measures to be put in place by the banks covering various aspects of classifying <keyword id="6374937" type="General" weightage="20" keywordseo="accounts" source="Orion">accounts</keyword> and <keyword id="6496248" type="General" weightage="20" keywordseo="deposits" source="Orion">deposits</keyword> as inoperative accounts and <keyword id="1084310" type="General" weightage="20" keywordseo="unclaimed-deposits" source="Orion">unclaimed deposits</keyword>. The central bank called for steps to trace the customers of inoperative accounts or unclaimed deposits including their nominees or legal heirs for re-activation of accounts, settlement of <keyword id="6387025" type="General" weightage="20" keywordseo="claims" source="Orion">claims</keyword> or closure. RBI also stressed a periodic review of such accounts and deposits, measures to prevent fraud in such accounts or deposits, and grievance redressal mechanisms for expeditious resolution of complaints. These instructions are expected to complement the ongoing efforts and initiatives taken by banks and the RBI, to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners or claimants. According to rules, the credit balance in any deposit account maintained with banks, which has not been operated upon for ten years or more, or any amount remaining unclaimed for ten years or more, is required to be transferred by banks to Depositor Education and Awareness (DEA) fund maintained by the central bank RBI. This latest circular applies to all commercial banks (including regional rural banks) and all cooperative banks. The revised instructions shall come into effect from April 1, 2024. In August last year, RBI launched a Centralised Web Portal UDGAM (Unclaimed Deposits - Gateway to Access information), for the public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place. Given the increasing trend in the number of unclaimed deposits, RBI had then said it has been undertaking public awareness campaigns from time to time to sensitise the public on the matter. Further, through these initiatives, the RBI maintains it has been encouraging members of the public to identify and approach their respective banks for claiming unclaimed deposits. (ANI)

RBI issues guidelines to trace customers with inoperative accounts, unclaimed deposits

New Delhi, Jan 16 () Telcos will need to deposit unclaimed consumer money - like excess charges and security deposit, which could not be refunded -- towards 'telecom consumers education and protection fund' after a stipulated period, Trai clarified on Thursday.
"The authority observed that there is a need to bring clarity among service providers in depositing money which they are unable to refund to the consumers," Telecom Regulatory Authority of India (Trai) said.
The regulator said it was therefore felt that an amendment in the related regulations should be undertaken to remove any kind of ambiguity and facilitate deposit of any unclaimed money of the consumer.
The Telecommunication Consumers Education and Protection Fund Regulations of 2007 offers a basic framework for depositing unclaimed money of consumers by service providers, maintenance of the fund and other aspects.
The income from the fund is utilised for programmes and activities relating to consumer education and protection.
As things stand today, any excess charges revealed in the billing audit should be refunded to consumers. However, if a service provider is not able to refund the amount despite its attempt within the time period permitted by the regulations, it has to deposit the unclaimed/unrefunded amount to the fund.
Accordingly, service providers have been depositing such unclaimed amounts to the fund.
However, Trai had noticed that certain inconsistency on the grounds on which money is being deposited by operators.
"Interactions held with service providers and analysis of the amount deposited, have revealed that while some service providers are depositing money only on account of excess billing revealed in the audit, some other service providers are depositing unclaimed money such as security deposits and plan charges of failed activations which they are unable to refund to the consumers because of non-traceability of the consumers," Trai said while notifying the amendments to the said rules.
After considering the comments of the stakeholders, the regulator has now notified the fifth amendment to the regulations.
"With this amendment service provider will deposit any unclaimed consumer money of any form such as excess charges, security deposit, plan charges of failed activations, or any amount belonging to a consumer, which service providers are unable to refund to consumers, to the fund after providing time of twelve months or period of limitation specified under law whichever is later," the regulator said. MBI MBI BAL
BAL

Trai to telcos: Deposit unclaimed subscriber money to telecom consumer edu fund

New Delhi, Jan 16 () A liquidator will have to deposit unclaimed dividends and undistributed proceeds in a separate account before seeking dissolution of a corporate debtor under the voluntary liquidation process, according to the IBBI.
The Insolvency and Bankruptcy Board of India (IBBI) has notified changes to the voluntary liquidation process regulations.
With the amendments, a liquidator has to deposit unclaimed dividends and undistributed proceeds 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, a release said on Thursday.
The amendments also provide a process for a stakeholder to seek withdrawal from the Corporate Voluntary Liquidation Account.
The IBBI would operate and maintain the account in the Public Accounts of India.
"A liquidator, who fails to deposit any amount into the Corporate Voluntary Liquidation Account under this regulation, shall deposit the same along with interest thereon at the rate of twelve per cent per annum from the due date of deposit till the date of deposit," as per the regulations.
Amount deposited with the account that remains unclaimed or undistributed for 15 years from the date of dissolution of the corporate person would be transferred to the Consolidated Fund of India. RAM BAL

IBBI amends voluntary liquidation process regulations

<ul class="summary-list"><li>Billions of dollars of abandoned or forgotten money is sitting in state "unclaimed property" offices, and some of that money could belong to you.</li><li>1 in 10 Americans have unclaimed property, like uncashed paychecks, inactive bank or <a href="https://www.businessinsider.com/what-is-a-brokerage-account-first-step-towards-investing">brokerage accounts</a>, safe deposit contents, and more that have been turned over to the state.</li><li>Americans can search for and claim their <keyword id="490542" type="PERSON" weightage="60" keywordseo="unclaimed-money">unclaimed money</keyword> for free using their state's database or the national database, <a href="https://missingmoney.com/en/">MissingMoney.com</a>.</li><li><a href="https://www.businessinsider.com/yourmoney?utm_source=bullet">Read more personal finance coverage</a>.</li></ul>Do you have unclaimed money sitting in a state treasury office? It's very possible. According to the National Association of Unclaimed Property Administrators (NAUPA), 1 in 10 Americans have unclaimed property.Surprised? If your state is holding on to money that belongs to you, it's due to a federally mandated process called <keyword id="9075984" type="UNKNOWN" weightage="60" keywordseo="escheatment">escheatment</keyword>. According to escheatment rules, abandoned or forgotten property must be turned over to the state after a dormancy period has elapsed. There are literally billions of dollars in unclaimed property sitting in state treasury funds around the United States. And some of that money could belong to you. Keep reading to learn more about the escheatment process and how to find out if you have unclaimed money.<h2>What type of things can become unclaimed property?</h2>Most often unclaimed property is intangible, like a bank or brokerage account or an uncashed paycheck. Other examples of intangible unclaimed property could be <a href="https://www.businessinsider.com/personal-finance/who-has-the-best-cd-rates-right-now">CDs</a>, insurance policies, security deposits, <a href="https://www.businessinsider.com/what-is-a-trust-fund-estate-planning-tool">trust funds</a>, escrow accounts, or annuities.It makes sense that most unclaimed property would be intangible. States simply don't have the space to become a "lost and found" for everyone's abandoned physical assets, like cars, boats, or real estate. However, there is one exception to the rule. States will hold on to safe deposit box contents as unclaimed property.<h2>When do states claim items as unclaimed property?</h2>Accounts or property can be considered "unclaimed" once there has been no "activity" for one to five years (rules vary by state). But what constitutes inactivity? With a paycheck, it would be the failure to cash within the allotted time period. Or, in the case of a bank or brokerage account, it could be considered inactive when important mail notices are returned undeliverable. But, surprisingly, inactivity could simply be defined as a failure to "engage" with your account. And therein lies a danger for consumers. If you're someone who has a <a href="https://www.businessinsider.com/personal-finance/financial-planner-changed-the-way-think-about-spending-and-saving">"set it and forget it" philosophy</a> towards investing, your account could be escheated simply because you haven't logged into your brokerage account in quite some time.Having your investment account turned over to the state may not sound like such a bad thing. But it's important to point out that state governments will typically sell the underlying securities. And by the time you realize that your account has been escheated and your investments have been sold, you could have lost out on years of potential growth.Before a bank or investment broker reports your money as unclaimed, it must first make an effort to locate you. But if you've changed addresses and the financial institution can't track you down, it must be reported as unclaimed so the state can claim it. For these reasons, the SEC recommends that investors log into their accounts periodically to prevent them from being escheated.<h2>How do states return unclaimed money?</h2>Once money has been turned over to the state, it uses various methods to try to reunite the money with its rightful owner. Each state runs its own website where residents can check to see if they have unclaimed money. Most states also send their data to <a href="https://missingmoney.com/en/">MissingMoney.com</a>, the national unclaimed property database.States may also hold outreach events at fairs, festivals, or malls, where citizens can search for unclaimed money. And they may try to contact owners using newspaper ads, mailings, or television events.Once owners have been reached via any of these means, they can make a claim on their money or property. The claims process will vary by state, but you'll be asked to provide verification documents. Most states say that the claims process takes less than 90 days. But depending on your state and the type of property you're claiming, the process could take longer.<h2>How can you find out if you have unclaimed money?</h2>You can use your state's official website to search for unclaimed property. Simply search for your state's name + unclaimed property (i.e. "Florida unclaimed property"). In most cases, your state's site will be your first search result. The site that you're looking for will have a ".gov" address.If you'd rather not search for your state's site, the <a href="https://unclaimed.org/">NAUPA</a> has a handy directory. Simply select your state on their interactive map and you'll be redirected to your state's database.<div type="image" title="escheatment site" height="915" width="1488" msid="75227825" hostid="261"></div>Most states also participate in the national database, <a href="https://missingmoney.com/en/">MissingMoney.com</a>. With MissingMoney.com, you only need to enter your name, city, and state to see if you have unclaimed money in one of the participating states. It takes less than 10 seconds.<div type="image" title="missing money" height="502" width="1395" msid="75227826" hostid="261"></div>If the MissingMoney.com search tool shows that you have unclaimed property, it will ask you if you're eligible to claim it. If the property belongs to you, select "Yes I can claim." From there, MissingMoney.com will direct you to your state's official site to complete the claims process.<h2>How much does it cost to claim <keyword id="7547481" type="UNKNOWN" weightage="60" keywordseo="Missing-money">missing money</keyword>?</h2>It's always free to search for and claim unclaimed property with your state. But be aware that you could receive a letter from a third-party "missing money locator," who will offer to assist you with your claim for a fee.If you receive one of these letters, know that you are not obligated to use the services of the company that notified you about your unclaimed money. You can still claim your money, fee-free, on your own using any of the methods listed above.<ul class="read-more-links"><li>More <a href="https://www.businessinsider.com/yourmoney">personal finance</a> coverage</li><li><a href="https://www.businessinsider.com/why-open-high-yield-savings-account-now-interest-rates-down">4 reasons to open a high-yield savings account while interest rates are down </a></li><li><a href="https://www.businessinsider.com/how-to-open-wealthfront-cash-account-savings">It took less than 10 minutes to open a high-yield cash account with Wealthfront and earn more on my savings</a></li><li><a href="https://www.businessinsider.com/how-to-buy-a-house-with-no-money-down-home-loans">How to buy a house with no money down </a></li><li><a href="https://www.businessinsider.com/when-to-save-money-in-high-yield-savings">When to save money in high-yield savings</a></li><li><a href="https://www.businessinsider.com/best-rewards-credit-cards">Best rewards credit cards</a></li><li><a href="https://www.businessinsider.com/reasons-to-get-life-insurance-you-havent-thought-of-yet">7 reasons you may need life insurance, even if you think you don't</a></li></ul>Read the original article on <a href="https://www.businessinsider.com/how-to-find-out-if-you-have-unclaimed-money-escheatment-2020-4">Business Insider</a>

How to find out if you have unclaimed money

<ul class="summary-list"><li>An estimated $70 billion in unclaimed property is being held by states, and belongs to about 33 million Americans.</li><li>Treasury departments across nearly every state in the US collaborate to maintain a database of the property.</li></ul>An estimated one in seven Americans, about 33 million people, has unclaimed property in at least one state, adding up to tens of billions nationwide.State treasury departments encourage Americans to search for their name on <a href="https://www.missingmoney.com/" target="_blank" rel="noopener">MissingMoney.com, </a>every February 1, or on National Unclaimed Property Day, The online database lists property turned over to treasury departments in nearly every state.According to the site, which is run by the National Association of Unclaimed Property Administrators, the average claim is just over $2,000, but they range from pennies to thousands, and there is an estimated $70 billion in unclaimed property on the website, according <a href="https://www.cnbc.com/2023/02/01/how-to-check-if-youre-owed-a-share-of-70-billion-in-unclaimed-assets.html" target="_blank" rel="noopener">to CNBC</a>.The property can come in <a href="https://unclaimed.org/what-is-unclaimed-property/" target="_blank" rel="noopener">many forms</a>, including inactive bank accounts, uncashed paychecks, contents of a safe deposit box, or insurance payments that were never issued. If an asset is not claimed or there's been no activity on an account for a certain period, often a year or longer, the funds go to the state's treasury department."States are required to return unclaimed property to its owner no matter how long it takes," Nebraska's treasurer and NAUPA President John Murante <a href="https://nast.org/wp-content/uploads/unclaimed-property-day-is-back-to-return-money-to-americans.pdf" target="_blank" rel="noopener">said</a>. "It is your money and should be returned to you."The National Association of State Treasurers also advertises the program through <a href="https://twitter.com/statetreasurers" target="_blank" rel="noopener">its Twitter account</a> with film references and memes:While companies and states try to contact rightful owners, it's nearly impossible to proactively return money to everyone.Just over $4 billion was returned to Americans across 48 states and Washington, D.C., last year, according to an <a href="https://unclaimed.org/wp-content/uploads/NAUPA-FY-22-Report.pdf" target="_blank" rel="noopener">NAUPA report</a>. The NAUPA encourages Americans to search nationally or in any state where they have lived, using their current or former names, or any businesses or nonprofits connected to them.

$70 billion in unclaimed property held by states belongs to 33 million Americans. Here's how to see if you're one of them

No more getting hassled over reclaiming your dormant provident fund for WhiteInc has come to the rescue. Financial advisory firm WhiteInc is developing an app by which one can do so through one’s smartphone. It is compatible to both Android and <keyword id="75489" type="ORGANIZATION" weightage="100" keywordseo="IOS">iOS</keyword> platforms. Last month, minister of state for labour, <keyword id="115762" type="PERSON" weightage="80" keywordseo="Bandaru-Dattatreya">Bandaru Dattatreya</keyword> had said that about Rs 27,000 crore is lying unclaimed in the Employees Provident Fund. "We are in the trial stage for the application and it should be available in the next two to three months. The idea is to reach out to young professionals who do not have the time and expertise to their provident fund or other financial <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword>," said <keyword id="2898274" type="UNKNOWN" weightage="80" keywordseo="Abhay-Chandalia">Abhay Chandalia</keyword>, founder of <keyword id="2897805" type="UNKNOWN" weightage="100" keywordseo="WhiteInc-Group">WhiteInc Group</keyword>. 

	All the user need to do is download the app and fill in the required details which from there on will be tracked by the financial advisory firm, who will charge a fee for offering this service based on the amount to be claimed.
 "We already have a website which provides this service, but it is mostly focused on shares and <keyword id="6357979" type="ORGANIZATION" weightage="100" keywordseo="mutual-funds">mutual funds</keyword>," said Chandalia. In his budget speech, finance minister <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had proposed to use the unclaimed deposits of around Rs 3,000 crore in <keyword id="114852" type="ORGANIZATION" weightage="100" keywordseo="Public-Provident-Fund">Public Provident Fund</keyword> (PPF) and around Rs 6,000 crore in Employees Provident Fund (EPF) corpus to create a Senior Citizen Welfare Fund. The fund is expected to be used for subsidising the premium of vulnerable groups such as old-age pensioners, below-the-poverty line card holders, and small and marginal farmers. The firm plans to expand its services to other unclaimed investments in shares, <keyword id="35450" type="COMPANY" weightage="100" keywordseo="insurance">insurance</keyword> and mutual funds as well. 
	 
	(image credits: relakhs.com)

Now use your smartphone to reclaim your PF

The <keyword id="47209" type="ORGANIZATION" weightage="80" keywordseo="Finance-Ministry">Finance Ministry</keyword> has given nod to constitute a committee under <keyword id="30067" type="ORGANIZATION" weightage="80" keywordseo="RBI">RBI</keyword> Deputy Governor HR Khan to look into unclaimed amounts in <keyword id="76579" type="CITY" weightage="100" keywordseo="PPF">PPF</keyword>, post office and savings schemes. The committee will recommend how this money can be used for the financial welfare of the senior citizens. 
 
The committee will submit its report by the end of this year. It will value the amount lying unclaimed and also giver its recommendation whether that amount should be placed within the government account or not. 
 Finance Minister <keyword id="42575" type="PERSON" weightage="80" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had announced in the Budget that "a large amount of money was estimated to be lying as unclaimed amounts with PPF, post office and savings schemes.”

Finance Ministry Okays Panel On Unclaimed PPF And
Other Deposits

There are two kinds of investors-one who invest and forget and other who keep a track of everything, from share certificates to mutual funds. 
It may not be wise to invest and forget as shares do end up as mere papers and are forgotten. 
 As per reports, a whopping amount of Rs 37,300-crore is sunk in shares, <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> policies, small savings schemes, inoperative bank, demat accounts, etc and there is Rs 26, 497 crore unclaimed provident fund lying. 
 
If you don’t claim your shares and it is lying untreated for seven years, your dividends and shares are transferred to Sebi's Investor Education and Protection Fund. 
 
Whereas, the unclaimed deposits and money in inoperative bank accounts get transferred to the RBI's Depositor Education and Awareness Fund after 10 years. 
 Forgetting about <keyword id="6362476" type="ORGANIZATION" weightage="20" keywordseo="investments">investments</keyword> is not wise for those who get shares from companies as a compensation package. 
 
But there are very few companies that are working to remind you of forgotten shares, as old as 25 years. 
 
Share Samadhan is one of them that is helping people since 2011 in recovering lost holdings and investments. 
 
"The objective is to provide a single-point advisory for issues faced by investors. We have received a largely positive response from clients, some of who were initially hesitant to hand over their documents to the company,” Vikash Jain, cofounder of Share Samadhan, told ET. 
 
Jain along with his partner Abhay Chandalia assigns individual teams to each client. 
 
Share Samadhan has helped solve complex cases and recovered as much as Rs 48 lakh.

You can still claim your forgotten investments as Rs 60,000 crore are lying unclaimed

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Student loan debt in the&#xa0;<a href="http://www.businessinsider.com/earning-potential-by-college-major-2015-9">US has reached a staggering $1.2 trillion</a>. Many refer to the seemingly inexorable levels of mounting debt as a "crisis."Some of that debt, however, may have been avoided&#xa0;if only borrowers understood a key tool that helps them&#xa0;avoid paying loans in the first place: the Free Application for Federal Student Aid, also known as the FAFSA.In fact, not filling it out is the single, biggest mistake students make when applying to college, according Kelly Peeler, <a href="https://www.nextgenvest.com">founder and CEO of NextGenVest.com.</a>Peeler is a Harvard graduate who worked at in investment banking at JP Morgan before launching NextGenVest, a NYC-based startup&#xa0;that&#xa0;helps students navigate the complicated financial aid and student loan process."Last year alone, students left $2.7 billion of unclaimed but qualified for free federal aid," she told Business Insider.&#xa0;<a href="https://www.nerdwallet.com/blog/loans/student-loans/college-students-fafsa-money/">An analysis by Nerdwallet confirms that amount</a>&#xa0;and noted&#xa0;that the average amount per eligible student left behind was&#xa0;$1,861.Instead, many of these students took out private loans to finance college, according to Peeler.<div> Via: <a href="http://www.nerdwallet.com">NerdWallet</a> </div>To qualify for federal loans and Pell grants, applicants must complete the FAFSA. But it's <a href="http://www.nytimes.com/2014/06/21/upshot/a-simple-way-to-help-financial-aid-do-its-job.html?_r=0">notoriously difficult for even the savviest of applicant</a>s. Further, <a href="http://evidencebasedprograms.org/1366-2/hr-block-college-financial-aid-application-assistance-top-tier">research has suggested that the complicated FAFSA</a> actually discourages some applicants from attending college.Additionally, Peeler says that not filing the FAFSA early enough hurts students who rely on federal aid because students aren't in a good negotiating position.&#xa0;"A lot of kids will commit to a school, put their security deposit down, but not fully understand the total cost because they haven't gotten their financial aid package from the school," she said. These students must then find other ways to pay for school, like taking out private loans. Some of them instead just don't show up to school in the fall, an unfortunate phenomenon she called the "summer melt."&#xa0;All these reasons contributed to the&#xa0;recent overhaul of the FAFSA. Starting October 1, the FAFSA went live, three months earlier than the normal January 1 start date in prior years. The earlier start time has the added benefit of allowing families to use 2015 tax information rather than guesstimating for the most recent year ended. Previously, families had to look ahead to their&#xa0;April filings.The new date also allows&#xa0;families to directly import tax information&#xa0;from their previous IRS filings into the FAFSA. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/best-way-sit-desk-posture-explained-2016-9">You've been sitting at your desk all wrong</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lpcGJ4NTE6uL8Fe4stEqzN6mJcuATfWr" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Harvard grad who founded a financial aid startup explained the biggest mistake students make when deciding how to pay for college

New Delhi, Jan 7 () The Insolvency and Bankruptcy Board of India (IBBI) has amended the norms for liquidation process wherein a secured creditor is barred from selling assets of a company to any person restricted from submitting insolvency resolution plan.
 The Insolvency and Bankruptcy Code (IBC) provides for time-bound and market-linked resolution process for stressed corporates. In case the resolution process does not materialise, then the entity goes for liquidation.
 An official release on Tuesday said the IBBI has notified changes to liquidation process regulations.
 "The amendment clarifies that a person, who is not eligible under the code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to a compromise or arrangement of the corporate debtor under section 230 of the Companies Act, 2013," it said.
 Further, a secured creditor cannot sell or transfer an asset, which is subject to security interest, to any person who is not eligible under the code to submit a resolution plan for insolvency resolution of the corporate debtor.
 "The amendment provides that a secured creditor, who proceeds to realise its security interest, shall contribute its share of the insolvency resolution process cost, liquidation process cost and workmen's dues, within 90 days of the liquidation commencement date," the release said.
 Also, the secured creditor has to pay excess of realised value of the asset, which is subject to security interest, over the amount of its claims admitted, within 180 days of the liquidation commencement date.
 According to the release, where the secured creditor fails to pay such amounts to the liquidator within 90 days or 180 days, as the case may be, the asset should become part of Liquidation Estate.
 Among others, the amendment provides that a liquidator should deposit the amount of unclaimed dividends and undistributed proceeds in a liquidation process along with any income earned thereon into the corporate liquidation account before an application for dissolution is submitted.
 The revised norms also provides a process for a stakeholder to seek withdrawal from the corporate liquidation account. RAM ANS

IBBI amends liquidation process norms

New Delhi, Jan 7 () A secured creditor cannot sell assets of a company undergoing liquidation process to any person barred from submitting an insolvency resolution plan, as per a new amendment made to the norms by the Insolvency and Bankruptcy Board of India (IBBI).
 Besides, a secured creditor will have to contribute its share towards insolvency resolution and liquidation process costs and workmen's dues within 90 days of the liquidation commencement date, an official release said on Tuesday.
 The Insolvency and Bankruptcy Code (IBC) provides for time-bound and market-linked resolution process for stressed corporates. In case the resolution process does not materialise, then the entity goes for liquidation.
 The release said the IBBI has notified changes to the liquidation process regulations with effect from January 6. The amendment also provides a process for a stakeholder to seek withdrawal from the corporate liquidation account.
 "The amendment clarifies that a person, who is not eligible under the code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to a compromise or arrangement of the corporate debtor under section 230 of the Companies Act, 2013," it said.
 Further, a secured creditor cannot sell or transfer an asset, which is subject to security interest, to any person who is not eligible under the code to submit a resolution plan for insolvency resolution of the corporate debtor.
 "The amendment provides that a secured creditor, who proceeds to realise its security interest, shall contribute its share of the insolvency resolution process cost, liquidation process cost and workmen's dues, within 90 days of the liquidation commencement date," the release said.
 Also, the secured creditor has to pay excess of realised value of the asset, which is subject to security interest, over the amount of its claims admitted, within 180 days of the liquidation commencement date.
 According to the release, where the secured creditor fails to pay such amounts to the liquidator within 90 days or 180 days, as the case may be, the asset should become part of the Liquidation Estate.
 Among others, the amendment provides that a liquidator should deposit the amount of unclaimed dividends and undistributed proceeds in a liquidation process along with any income earned thereon into the corporate liquidation account before an application for dissolution is submitted. RAM BJ ANS
ANS

You Searched For "unclaimed deposits" and got 11 results

RBI issues guidelines to trace customers with inoperative accounts, unclaimed deposits

ANI

Trai to telcos: Deposit unclaimed subscriber money to telecom consumer edu fund

PTI

IBBI amends voluntary liquidation process regulations

PTI

How to find out if you have unclaimed money

Clint Proctor

$70 billion in unclaimed property held by states belongs to 33 million Americans. Here's how to see if you're one of them

Aaron McDade

Now use your smartphone to reclaim your PF

BI India Bureau

Finance Ministry Okays Panel On Unclaimed PPF And Other Deposits

BI India Bureau

You can still claim your forgotten investments as Rs 60,000 crore are lying unclaimed

BI India Bureau

Harvard grad who founded a financial aid startup explained the biggest mistake students make when deciding how to pay for college

Abby Jackson

IBBI amends liquidation process norms

PTI

Liquidation process: Secured creditor cannot sell assets to entities ineligible for insolvency plan

PTI

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