# In the matter of Euro Ceramics Limited

> NCLT judgment dated 2024-06-20. Citation: TCN-2024-NCLT-01136. The case involves Anchor Leasing Private Limited versus Euro Ceramics Limited. The applicant…

- **Court:** NCLT
- **Order date:** 20 Jun 2024
- **Citation:** TCN-2024-NCLT-01136
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/euro-ceramics-limited-01ecbdb6

## Summary

### Background

The case involves Anchor Leasing Private Limited versus Euro Ceramics Limited. The applicant alleges that the erstwhile liquidator failed to preserve records during their incumbency. The applicant also claims that certain documents, which should have been in the custody of the liquidator, were not handed over. An email exchange occurred between the applicant and the respondent clarifying their positions, and the respondent filed an affidavit regarding the documents they possessed.

## Facts

Anchor Leasing Private Limited filed a case against Euro Ceramics Limited. The applicant alleges that the erstwhile liquidator failed to preserve records during their incumbency and that certain documents were not handed over. The respondent clarified their position via email and filed an affidavit regarding the documents they possessed. The applicant persists that some documents, which ought to have been in the custody of the erstwhile Liquidator, have not been handed over. The court feels that if the allegation of applicant has any substance, it leads to conclusion that the erstwhile Liquidator may have failed in the preservation of the records during his incumbency. Interlocutory Application 4949 of 2023 was disposed of.

## Issues and analysis

### Issue 1: Whether the erstwhile liquidator failed to …

**Ratio:** The legal principle is based on the duty of a liquidator to preserve records during their

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**Reasoning:** The court reasoned that if the applicant's allegations have substance, it suggests a

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**Interpretation:** The interpretation is that liquidators are expected to maintain proper records

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**Application:** The court applied this reasoning to the specific facts by suggesting that the

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Anchor Leasing…
- **Respondents:** Euro Ceramics…
- **Advocates:** Riya Ped…; Ritu…

## Timeline

- **2024-06-20 — Hearing…**: Order sheet of the…
- **2024-06-16 — E-mail D…**: Ld. Counsel for the Applicant inform that they have written a specific E-mail dated 16th…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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