# In the matter of Eastern Gases Ltd.

> NCLT judgment dated 2023-08-02. Citation: TCN-2023-NCLT-02198. The case involves an application under Section 54 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 2 Aug 2023
- **Citation:** TCN-2023-NCLT-02198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eastern-gases-ltd-06d8853c

## Summary

### Background

The case involves an application under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The matter pertains to Eastern Gases Ltd., which is undergoing liquidation. The liquidator, Mr. Kuldeep Verma, filed an application, and the hearing was held on June 28, 2023. The court observed discrepancies in the accounts maintained by the liquidator, specifically noting the existence of multiple accounts with CBI and ICICI Bank, in addition to the designated liquidation account.

## Facts

Eastern Gases Ltd. is undergoing liquidation. Mr. Kuldeep Verma is the liquidator. A liquidation order was passed on 2018-08-21. The liquidator opened a liquidation account (No. 3703923804) with Central Bank of India (CBI), Camac Street Branch, Kolkata, on 2018-09-06. Audited Receipts and Payments Statements revealed the maintenance of other accounts with CBI (No. 3629972541) and ICICI Bank (No. 694705600512). The court is concerned about the existence of these additional accounts and their proper closure and transfer of funds to the designated liquidation account.

## Issues and analysis

### Issue 1: Whether the liquidator has properly closed all accounts maintained by the Corporate Debtor before …

**Ratio:** The Insolvency and Bankruptcy Code (IBC) and related regulations emphasize transparency

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**Reasoning:** The court observed discrepancies in the accounts presented in the Audited Receipts and

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**Interpretation:** The IBC requires liquidators to consolidate and manage the Corporate Debtor's

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**Application:** The court directed the liquidator to provide an affidavit and supporting

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Kuldeep…
- **Respondents:** Eastern Gas…
- **Advocates:** Rahul A…; Aditya G…

## Timeline

- **2018-08-21 — Liquidation Ord…**: Liquidation order was…
- **2018-09-06 — Liquidation Account…**: Liquidator opened a liquidation account (No. 3703923804) with Central Bank of India…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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