# 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-00265. 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-00265
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lakshmi-precision-screws-ltd-ca-nos-13024432832933033133233333433533633733835135-ae1c17ca

## 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 regarding 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. The CGST Department sought directions for the clearance of GST liabilities. Unsecured creditors challenged the resolution plan, alleging it was not in consonance with the provisions of the IBC. A dispute arose regarding the ownership and valuation of certain assets, including land mortgaged

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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 Hon'ble NCLAT has observed that when no provident fund, gratuity fund, and fund for

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**Reasoning:** The court reasoned that provident fund, pension, and gratuity are maintained by the

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**Interpretation:** Section 36(4)(a)(iii) of the Code applies to liquidation, but the purpose and

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**Application:** The court directed that in case separate funds for provident fund, pension, and

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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 Process (CIRP) was initiated against Lakshmi Precision…
- **2018-11-26 — Order Da…**: Order passed in an application filed by RP for issuance of directions to the applicant to…

## 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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