TaxTMI 
TaxTMI 
2019 (10) TMI 6
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....the Application inter alia has prayed to permit him to withdraw the Application or order for Liquidation of the Corporate Debtor viz., M/s. Sattur Sri Ganga Chit Funds Private Limited or to pass such other order as this Bench deemed fit and proper in the facts and circumstances of the case. 3. Originally, CP/490/IB/2018 was filed by Mr. A.S.E. Janakinathan, the Operational Creditor, under Section 9 of the I&B Code, 2016 against M/s. Sattur Sri Ganga Chit Funds Private Limited. The Application was admitted on 25.07.2018 whereby the Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, moratorium was declared and thereafter the Applicant viz. Mr. M. Raguram was appointed as IRP w.e.f. 22.01.2019. 4. It i....
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....solution Professional. The Resolution Professional has also informed the CoC about the expiry of 180 days time period of CIR Process on 24th January 2019 and about fixing of his fees as Rs. 100000/- per month. The CoC expressed its inability to pay any amount towards fees and did not approve any fees to the Resolution Professional. 8. It is averred that on 18th of February, 2019, the Resolution Professional visited the Corporate Office and could not find any books except one Ledger of Chit. The suspended Director informed him that they do not maintain any cash book and update directly in the Ledger. 9. It is stated by the Resolution Professional that the 4th Meeting of CoC was conducted through Whatsapp video call on 25th of February, 201....
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....solution Professional. On 8th April, 2019, this Authority ordered for payment of Rs. 11,800 for the expenses incurred by Resolution Professional in CIR Process and the same was paid. The Resolution Professional has verified the bank account details viz., Lakshmi Vilas Bank and did not notice any transactions post death of the Managing Director viz., Mr. Jegannathan except a receipt for Rs. 30,000 collected from Chit customer in August, 2018. It is stated that there are 4 Fixed Deposits taken in the name of Registrar of Chit Funds each with principal value of Rs. 50,000 which have already matured. Since the Corporate Debtor has defaulted, it is not possible to get their signature and then submit the same to the Registrar of Chit Funds. 13. ....