# In the matter of Eastern Gases Ltd.

> NCLT judgment dated 2023-06-28. Citation: TCN-2023-NCLT-02767. The case involves an application under Section 54 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 28 Jun 2023
- **Citation:** TCN-2023-NCLT-02767
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eastern-gases-ltd-1b32a264

## 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, in the matter of Eastern Gases Ltd. The court is reviewing the liquidation process and accounts maintained by the liquidator.

## Facts

Eastern Gases Ltd. is undergoing liquidation. The liquidation order was passed on 2018-08-21. The liquidator opened a liquidation account on 2018-09-06 with Central Bank of India (CBI). Audited statements revealed the maintenance of other accounts with CBI and ICICI Bank. The liquidator is directed to file an affidavit showing all pre-liquidation accounts were closed and funds transferred to the liquidation account. The liquidator must provide bank statements and a certificate from CBI confirming the liquidation account's closure with a zero balance. IA(IBC)/1084(KB)2023 was reserved for order on 2023-06-28.

## Issues and analysis

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

**Ratio:** The principle is that during liquidation, all assets and accounts of the corporate debtor

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**Reasoning:** The court observed that the liquidator maintained multiple accounts, including those with

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**Interpretation:** This requires the liquidator to ensure that all pre-liquidation accounts are

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**Application:** The liquidator is directed to provide evidence, in the form of an affidavit and

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Kuldeep…
- **Respondents:** Eastern Gas…

## Timeline

- **2018-08-21 — Liquidation Ord…**: Liquidation order was…
- **2018-09-06 — Liquidation Account…**: Liquidator opened a liquidation account…

## 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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