# In the matter of LML Limited IA No. 275-2020 in CP(IB) No. 55-ALD-2017

> NCLT judgment dated 2021-07-09. Citation: TCN-2021-NCLT-01797. The case involves an application filed by the liquidator of M/s LML Limited, which is…

- **Court:** NCLT
- **Order date:** 9 Jul 2021
- **Citation:** TCN-2021-NCLT-01797
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lml-limited-ia-no-275-2020-in-cpib-no-55-ald-2017-f55bcdec

## Summary

### Background

The case involves an application filed by the liquidator of M/s LML Limited, which is undergoing liquidation. The liquidator sought direction from the NCLT regarding the donation of temple assets located within the premises of the corporate debtor. The liquidation process was initiated against the corporate debtor on 2018-03-23, and Mr. Arun Gupta was appointed as the liquidator on 2018-04-09.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the temple assets located within the premises of the corporate debtor should be considered …

**Ratio:** In the absence of any deed or other documents indicating ownership or dedication to a

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**Reasoning:** The court reasoned that since there was no deed of dedication or any appointed manager

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**Interpretation:** The interpretation hinges on the principle that assets found within the control

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Arun G…
- **Respondents:** M/s. L.M.L.…

## Timeline

- **2018-03-23 — Liquidation Process…**: Liquidation process…
- **2018-04-09 — Appointment of…**: Mr. Arun Gupta…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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