# In the matter of Eastern Gases Ltd.

> NCLT judgment dated 2023-08-02. Citation: TCN-2023-NCLT-02214. 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-02214
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eastern-gases-ltd-9bfe73f2

## 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 court is reviewing the liquidation process, specifically regarding the closure of bank accounts maintained by the Corporate Debtor before the liquidation order.

## Facts

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.

## Issues and analysis

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

**Ratio:** The Insolvency and Bankruptcy Code, 2016, and related regulations require the liquidator

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**Reasoning:** The court observed discrepancies in the audited receipts and payments statements,

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**Interpretation:** The legal framework mandates a transparent and accountable liquidation process.

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**Application:** The court directed the liquidator to file an affidavit with supporting

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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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