M/s LML Limited is undergoing liquidation. A temple is situated within the premises of the corporate debtor, containing valuable objects. These objects were not recorded as assets in the balance sheet. The liquidator sought direction regarding the donation of these temple assets. The liquidation process was initiated on 2018-03-23, and Arun Gupta was appointed as liquidator on 2018-04-09. The liquidator argued that the temple assets belong to the Almighty Deity. There was no deed of dedication or appointed manager for the temple. The court observed that the temple is in the factory premises of the corporate debtor and there is nothing on record to show that the temple does not belong to the corporate debtor or any interest has been created in favour of third party.

M/s LML Limited is undergoing liquidation. A temple is situated within the premises of the corporate debtor, containing valuable objects. These objects were not recorded as assets in the balance sheet. The liquidator sought direction regarding the donation of these temple assets. The liquidation process was initiated on 2018-03-23, and Arun Gupta was appointed as liquidator on 2018-04-09. The liquidator argued that the temple assets belong to the Almighty Deity. There was no deed of dedication or appointed manager for the temple. The court observed that the temple is in the factory premises of the corporate debtor and there is nothing on record to show that the temple does not belong to the corporate debtor or any interest has been created in favour of third party.