Disposed

In the matter of Eastern Gases Ltd. [IA(IBC)1084(KB)2023 in CP(IB)-482(KB)2017]

NCLT2 Aug 2023IA(IBC)1084(KB)2023 in CP(IB)-482(KB)2017

Case brief

AI extract

What is this about?

The Tribunal issued clarification directing the liquidator of Eastern Gases Ltd. to consolidate all corporate funds into the designated liquidation account and file evidence of closure of previous accounts.

What did the court decide?

Directing the liquidator to file an affidavit and bank statements proving closure of all previous accounts and zero balance in the liquidation account.

In the matter of Eastern Gases Ltd. [IA(IBC)1084(KB)2023… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH, (Court – II) KOLKATA

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IA(IBC)1084(KB)2023 In CP(IB)/482(KB)2017

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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.

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In the matter of:

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Eastern Gases Ltd. ( CIN: L40200WB1995PLC068251) ; Represented by its Liquidator –

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Mr. Kuldeep Verma, …. Applicant/Liquidator

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Date of Hearing: 28/06/2023 Coram: Smt. Bidisha Banerjee : Member (Judicial) Shri Balraj Joshi : Member (Technical) Appearances through hybrid mode: For Liquidator : Mr. Rahul Auddy, Adv. Mr. Aditya Gooptu, Adv.

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F O R C L A R I F I C A T I O N

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IA(IBC)/1084(KB)2023 was reserved for order on 28/06/2023.

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Liquidation order was passed on 21/08/2018 . The Liquidator had opened a liquidation account on 06/09/2018 being A/c. No. 3703923804, IFSC: CBIN0280093 with Central Bank of India (“CBI”), Camac Street Branch, Kolkata maintained in the name of the Corporate Debtor in liquidation. (Ref.

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH, (Court – I) KOLKATA

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IA(IBC)906(KB)2023 In CP(IB)/1369(KB)2018

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Annexure “D”, Form H at page 54 of the application). However, from the Audited Receipts and Payments Statements for the three years from 01/04/2019 to 31/03/2020, 01/04/2020 to 31/03/2021 and 01/04/2021 to 31/03/2022 submitted by the Liquidator (Ref. at pages 44 to 48 of the application) shows maintenance of another account being A/c. No. 3629972541 with CBI . Also from the Audited Receipts and Payments Statements for the period from 21/08/2018 to 31/03/2019 shows another account being A/c. No. 694705600512 maintained with ICICI Bank over and above the aforesaid A/c. No. 3629972541 with CBI.

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The Liquidator is hereby directed to file an affidavit along with supporting documents to show that all the accounts maintained by the Corporate Debtor before passing of the liquidation order have been closed and the amounts after closure of those accounts have been transferred to liquidation account no. 3703923804 with CBI, Camac Street Branch, Kolkata.

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The Liquidator shall also attach original bank statement showing receipt and payment with regard to Liquidation Account from the date of opening to date of closure of the account along with a certificate to be issued by the Central Bank of India, Camac Street Branch where the liquidation account is maintained to the effect that the said Liquidation Account has been closed after the balance become “zero”.

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