# In the matter of Sangamam Chit Funds Pvt. Ltd. MA-639-2019 in IBA-211-2019

> NCLT judgment dated 2019-09-12. Citation: TCN-2019-NCLT-01483. The case involves MA/639/2019 in IBA/211/2019 before the Chennai Bench of the National Company…

- **Court:** NCLT
- **Order date:** 12 Sept 2019
- **Citation:** TCN-2019-NCLT-01483
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sangamam-chit-funds-pvt-ltd-ma-639-2019-in-iba-211-2019-61ca9bf7

## Summary

### Background

The case involves MA/639/2019 in IBA/211/2019 before the Chennai Bench of the National Company Law Tribunal. The Resolution Professional is present. Mr. Parthiban, one of the Suspended Directors, is present. An Auditor, Mr. V. Rajkumar, is also present and states that he has all the records for the year 2018-2019 and is in the process of finalizing the audit, which will be completed within 10 days. The audit report will be handed over to the Resolution Professional on or before the next date of hearing. The Suspended Director present in the Court submitted that the record for the year 2017-2018 is with the Auditor, Mr. Senthilnathan.

## Facts

The National Company Law Tribunal (NCLT), Chennai Bench, is hearing MA/639/2019 in IBA/211/2019. Anil Kumar Kicha (IRP) is the petitioner, representing Sangamam Chit Funds Pvt Ltd. The Resolution Professional is present. One of the Suspended Directors, Mr. Parthiban, is present. An Auditor, Mr. V. Rajkumar, is present and states that he has all the records for the year 2018-2019 and is in the process of finalizing the audit, which will be completed within 10 days. The audit report will be handed over to the Resolution Professional on or before the next date of hearing. The Suspended Director present in the Court submitted that the record for the year 2017-2018 is with the Auditor, Mr. Senthilnathan. The court directed the Suspended Director to provide the detailed

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## Issues and analysis

### Issue 1: Whether the audit records for the years 2017-2018 and 2018-2019 are available for the insolvency …

**Ratio:** The availability of accurate and complete financial records is crucial for the effective

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**Reasoning:** The court's concern stems from the fact that the audit records for 2017-2018 are with Mr.

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**Interpretation:** This highlights the importance of maintaining accurate and accessible financial

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**Application:** The court directs the Suspended Director to provide the address of Mr.

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** ANIL KUMAR KICHA…
- **Respondents:** SANGAMAM CHIT…

## Timeline

- **2019-09-12 — Hearing…**: Hearing held at 2.30 PM…
- **2019-09-23 — Next Hearin…**: Case put up on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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