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 court is reviewing the liquidation process, specifically regarding the closure of bank accounts maintained by the Corporate Debtor before the liquidation order.
Eastern Gases Ltd. is undergoing liquidation. An application was filed under Section 54 of the Insolvency and Bankruptcy Code, 2016. 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 receipts and payments statements revealed the existence of other accounts with CBI and ICICI Bank. The court observed that the liquidator needs to clarify the status of all accounts maintained by the corporate debtor before the liquidation order.
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Liquidation or…
Liquidator opened a…
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 court is reviewing the liquidation process, specifically regarding the closure of bank accounts maintained by the Corporate Debtor before the liquidation order.
Eastern Gases Ltd. is undergoing liquidation. An application was filed under Section 54 of the Insolvency and Bankruptcy Code, 2016. 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 receipts and payments statements revealed the existence of other accounts with CBI and ICICI Bank. The court observed that the liquidator needs to clarify the status of all accounts maintained by the corporate debtor before the liquidation order.
Liquidation or…
Liquidator opened a…