# In the matter of Lakshmi Precision Screws Ltd.  CA  Nos.  130,244,328,329,330,331,332,333,334,335,336,337,338,351,352,353,441,597,605 & 797-2019, IA 570-2020,  IA  Nos.  45 & 46-2020 & IA 255-2021  In  CP (IB) No. 155-Chd-Hry-2018

> NCLT judgment dated 2022-12-01. Citation: TCN-2022-NCLT-00270. The case involves multiple applications (IA Nos. 45/2020, 46/2020, CA Nos. 353/2019, 597/2019,…

- **Court:** NCLT
- **Order date:** 1 Dec 2022
- **Citation:** TCN-2022-NCLT-00270
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lakshmi-precision-screws-ltd-ca-nos-13024432832933033133233333433533633733835135-1bd85655

## Summary

### Background

The case involves multiple applications (IA Nos. 45/2020, 46/2020, CA Nos. 353/2019, 597/2019, 570/2020, 605/2019, 329/2019 to 338/2019, 130/2019, 441/2019, 797/2019, 244/2019, 328/2019, 351/2019, 352/2019 and IA No. 255/2021) related to the Corporate Insolvency Resolution Process (CIRP) of Lakshmi Precision Screws Ltd. These applications were filed by various parties including workmen, employees, the Employees Provident Fund Organisation (EPFO), the Central Goods and Service Tax Department (CGST), and unsecured creditors, raising issues concerning the resolution plan, payment of dues, and compliance with statutory requirements under the Insolvency and Bankruptcy Code (IBC) and other related laws.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Lakshmi Precision Screws Ltd. Several applications were filed by various parties, including workmen, employees, the Employees Provident Fund Organisation (EPFO), the Central Goods and Service Tax Department (CGST), and unsecured creditors. The workmen and employees claimed unpaid provident fund, gratuity, and other retirement benefits. The EPFO sought directions for payment of the total Provident Fund amount, citing the precedence of the Employees Provident Funds and Miscellaneous Provisions Act, 1952. The CGST Department sought directions for the clearance of GST liabilities of the pre-CIRP period. Unsecured creditors challenged the resolution plan, alleging that it did not adequately address

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## Issues and analysis

### Issue 1: Whether the workmen and employees are entitled to receive the payment of provident fund, gratuity …

**Ratio:** The ratio is based on the interpretation of Section 36(4)(a)(iii) of the IBC, which

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**Reasoning:** The court reasoned that if a Corporate Debtor maintains a fund for payment of provident

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**Interpretation:** The interpretation is that Section 36(4)(a)(iii) of the Code applies to

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**Application:** The court applied this ratio to the specific facts by directing that the said

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Adarsh Audyogik…
- **Respondents:** Lakshmi Precisions…; Deepak Th…

## Timeline

- **2018-07-18 — CIRP Init…**: Corporate Insolvency Resolution…
- **2019-03-07 — Resolution Pl…**: The applicant has prayed to set aside the Resolution Plan Dated 07.03.2019 as being…

## 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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