# In the matter of Sangaman Chit Funds Private Limited MA-1082-2019 in IBA-211-2019

> NCLT judgment dated 2022-01-11. Citation: TCN-2022-NCLT-04464. The application MA/1082/2019 was filed under Section 33(2) of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 11 Jan 2022
- **Citation:** TCN-2022-NCLT-04464
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sangaman-chit-funds-private-limited-ma-1082-2019-in-iba-211-2019-115fb9f5

## Summary

### Background

The application MA/1082/2019 was filed under Section 33(2) of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Sangamam Chit Funds Private Limited. The CIRP was initiated by the Tribunal vide order dated 03.04.2019, and the applicant was appointed as the IRP. The CoC held meetings on 14.05.2019, 10.06.2019, and 19.08.2019. The RP received a total claim of Rs.780.75 lakh from 374 Operational Creditors. The CoC approved the liquidation of the Corporate Debtor with 76.93% vote and directed the Resolution Professional to file an application before the Adjudicating Authority for the commencement of the liquidation process.

## Facts

The Corporate Debtor is Sangamam Chit Funds Private Limited. The CIRP was initiated on 03.04.2019. The applicant, Mr. Anil Kumar Khicha, was appointed as the IRP. The CoC held meetings on 14.05.2019, 10.06.2019, and 19.08.2019. The RP received claims of Rs.780.75 lakh from 374 Operational Creditors. The CoC approved liquidation with 76.93% vote. The applicant filed a written consent to act as Liquidator. The AFA for the RP is valid up to 25.11.2022. There is no business from the Corporate Debtor. The relevance of these facts is to establish the grounds for liquidation under Section 33(2) of the IBC, 2016.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the IBC, …

**Ratio:** Section 33(2) of the IBC, 2016 allows for the initiation of liquidation proceedings if

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**Reasoning:** The CoC approved the liquidation of the Corporate Debtor with a 76.93% vote, indicating a

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when resolution efforts fail

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**Application:** In this case, the CoC's approval and the lack of ongoing business satisfy the

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Appellants:** ANIL KUMAR…
- **Respondents:** Sangamam Chit…

## Timeline

- **2019-04-03 — CIRP Init…**: The CIRP in respect of the Corporate…
- **2019-04-09 — Public Annou…**: The Applicant caused…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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