# In the matter of Sattur Sri Ganga Chitfunds Pvt. Ltd. Memo in CP-490-IB-2018

> NCLT judgment dated 2019-01-22. Citation: TCN-2019-NCLT-05195. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against the…

- **Court:** NCLT
- **Order date:** 22 Jan 2019
- **Citation:** TCN-2019-NCLT-05195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sattur-sri-ganga-chitfunds-pvt-ltd-memo-in-cp-490-ib-2018-c1cd88a9

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, M/s. Sattur Shri Ganga Chits Funds (P) Ltd. An Interim Resolution Professional (IRP), Mr. Santha Kumar. S, was initially appointed. However, he expressed his inability to continue the assignment due to personal inconvenience.

## Facts

The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Sattur Shri Ganga Chits Funds (P) Ltd. Mr. Santha Kumar. S, was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Santha Kumar. S, expressed his inability to continue the assignment due to personal reasons. The Registry received a memo dated 21.01.2019 from Mr. Santha Kumar. S, stating his reasons. The court then appointed Mr. M. Raguram as the new IRP.

## Issues and analysis

### Issue 1: Whether the initially appointed Interim Resolution Professional (IRP) can be relieved from his …

**Ratio:** An IRP can be relieved from their duties if they are unable to carry on the assignment

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**Reasoning:** The court considered the IRP's request and the reasons provided for his inability to

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**Interpretation:** This implies that the court has the power to relieve an IRP if there are valid

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**Application:** Mr. Santha Kumar. S, was relieved from his duties as IRP due to his stated

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** A.S.E. Janakinatha…
- **Respondents:** M/s. Sattur Shri…

## Timeline

- **2018-07-25 — Order Da…**: Order issued initiating Corporate Insolvency Resolution Process (CIRP) against the…
- **2019-01-21 — Memo Rec…**: Registry received memo from Mr. Santha Kumar. S,…

## 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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