# 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-01486. 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-01486
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sangamam-chit-funds-pvt-ltd-ma-639-2019-in-iba-211-2019-9921e562

## 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. One of the Suspended Directors, Mr. Parthiban, is present. An Auditor, Mr. V. Rajkumar, is present and submitted that he has all the record for the year 2018-2019 and he is in the process of finalizing the audit, which shall be completed within 10 days and the record along with the audit report shall be handed over to the Resolution Professional on or before next date of hearing. The Suspended Director present in the Court submitted that for the year 2017-2018 the record is with the Auditor viz., Mr. Senthilnathan.

## Facts

The Resolution Professional is present in court. Mr. Parthiban, one of the Suspended Directors, is present. Mr. V. Rajkumar, an auditor, is present and states he has the records for 2018-2019 and is finalizing the audit within 10 days. The audit report will be handed over to the Resolution Professional before the next hearing. The Suspended Director present in court states that Mr. Senthilnathan, another auditor, has the records for 2017-2018. The court directs the Suspended Director to provide Mr. Senthilnathan's address to the Registry. The Registry is directed to issue a notice to Mr. Senthilnathan to appear before the Bench at the next hearing. The Resolution Professional is to obtain a certified copy of the order and send it to Mr. Senthilnathan for his

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## Issues and analysis

### Issue 1: Whether the Suspended Director should provide the …

**Ratio:** The court has the authority to direct parties to provide necessary information to

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**Reasoning:** The court needs the auditor's address to ensure the availability of audit records for the

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**Interpretation:** The direction is an exercise of the court's power to gather information

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**Application:** The Suspended Director is directly involved and has access to the required

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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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