# In the matter of Lakshmi Energy and Foods Pvt. Ltd. IA No. 298 & 411-2022 in CP (IB) No.73-Chd-CHD-2018

> NCLT judgment dated 2022-07-07. Citation: TCN-2022-NCLT-01823. IA No.298/2022 was filed by the Suspended Board of Director and Promoter of M/s Lakshmi Energy…

- **Court:** NCLT
- **Order date:** 7 Jul 2022
- **Citation:** TCN-2022-NCLT-01823
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lakshmi-energy-and-foods-pvt-ltd-ia-no-298-411-2022-in-cp-ib-no73-chd-chd-2018-6176b35e

## Summary

### Background

IA No.298/2022 was filed by the Suspended Board of Director and Promoter of M/s Lakshmi Energy and Foods Limited, seeking the removal of Liquidator-Shri Kuldip Kumar Bassi. IA No.411/2022 was filed by the Liquidator-Shri Kuldip Kumar Bassi, seeking permission from the Adjudicating Authority to be released from his position as Liquidator of the Corporate Debtor and to be discharged of his duties. The Liquidator had applied for a new GST number in the name of the applicant despite the applicant being suspended from the Board of the Corporate Debtor after the initiation of Corporate Insolvency Resolution Process on 03.09.2019. An FIR was registered against the Liquidator on 18.03.2022 based on a complaint from the applicant alleging impersonation and fraudulent attempts

…

## Facts

M/s Lakshmi Energy & Foods Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP). IA No.298/2022 was filed by the Suspended Board of Director and Promoter of M/s Lakshmi Energy and Foods Limited, seeking the removal of the Liquidator, Shri Kuldip Kumar Bassi. IA No.411/2022 was filed by the Liquidator, Shri Kuldip Kumar Bassi, seeking permission to be released from his position as Liquidator. The Liquidator allegedly applied for a new GST number in the name of the applicant, despite the applicant being suspended from the Board. An FIR was registered against the Liquidator based on a complaint from the applicant alleging impersonation and fraudulent attempts to obtain a GST number. The Liquidator claimed the application was filed to scuttle the

…

## Issues and analysis

### Issue 1: Whether the Liquidator, Shri Kuldip Kumar Bassi, should be removed from his position as Liquidator …

**Ratio:** The court has the power to remove a liquidator if the liquidator is unable to perform his

…

**Reasoning:** The court considered the allegations against the Liquidator, his expressed inability to

…

**Interpretation:** The court interpreted the relevant provisions of the Insolvency and Bankruptcy

…

**Application:** The court applied the ratio to the facts of the case, considering the

…

## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** ICICI Bank…
- **Respondents:** M/s Lakshmi…

## Timeline

- **2018-01-01 — CP (IB) No.73/Chd/CHD/20…**: Corporate Insolvency…
- **2019-09-03 — Initiation…**: Corporate Insolvency…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lakshmi-energy-and-foods-pvt-ltd-ia-no-298-411-2022-in-cp-ib-no73-chd-chd-2018-6176b35e