Differential induction, purification and characterization of cold active lipase from Yarrowia lipolytica NCIM 3639

► The lipase is multimeric in nature and such lipases are not reported so far. ► The induction of intra- and extracellular lipase depends on the substrate used for enzyme production. ► It is cold active enzyme. ► Extracellular and cell bound lipases showed the preference over the opposite antipodes of lavandulyl acetate.