NCLT directs to initiate insolvency proceedings against Syska LED Lights
The Hindu
NCLT initiates insolvency proceedings against Syska LED Lights over ₹7.70 crore dues, appoints interim resolution professional.
The National Company Law Tribunal (NCLT) has been directed to initiate insolvency proceedings against Syska LED Lights, admitting the plea filed by its operational creditor — Sunstar Industries.
Syska LED Lights, part of Pune-based SSK Group, operates in segments such as LED lights, personal care appliances, mobile accessories, home appliances, and smart watches.
The Mumbai bench of NCLT admitted the plea filed by Sunstar Industries, claiming total dues of ₹7.70 crore and has appointed Debashis Nanda as the interim resolution professional suspending the board of Syska LED Lights, as per the provisions of the Insolvency & Bankruptcy Code (IBC).
It rejected Syska LED Lights' claims of a pre-existing dispute and said the email exchanged between parties establishes its liability towards its operational creditor.
"We are of the considered view that the applicant has been able to establish the existence of operational debt and its default on the part of the corporate debtor and further that the application has been filed within the period of limitation and also that there is no pre-existing dispute between the parties with regard to the transaction in question.
"Accordingly, we hold that it is a fit case for admission under Section 9 of the Code," said a two-member bench in its order passed on Tuesday (October 8, 2024).
Earlier, NCLT also directed the initiating of the Corporate Insolvency Resolution Process (CIRP) against Syska LED Light on a petition filed by some other operational creditor. However, the CIRP was withdrawn in May 2024 after a settlement was reached.
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