More Stories

Informist, Tuesday, Oct. 8, 2024

 

NEW DELHI – The Mumbai bench of the National Company Law Tribunal Tuesday admitted a petition by Sunstar Industries to start insolvency proceedings against Syska LED Lights Pvt. Ltd. for an unpaid amount of INR 77.10 million. The tribunal appointed Debashis Nanda as the interim resolution professional of Syska LED Lights to carry out the functions as per the Insolvency and Bankruptcy Code, 2016.

 

"...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 there is no pre-existing dispute between the parties with regard to the transaction in question," said the tribunal. It is a fit case for admission of insolvency petition under Section 9 of the Code, said the tribunal.

 

"The above Company Petition No. (IB) 96 (MB)/2024 is hereby admitted and initiation of Corporate Insolvency Resolution -Process (CIRP) is ordered against M/s. Syska LED Pvt. Ltd.," said the tribunal. It ordered a moratorium against Syska LED as per Section 14 of the Code.

 

Sunstar Industries, a partnership firm, was involved in the business of manufacturing, designing, fabricating, importing, exporting of all kinds of electrical home appliances. Sunstar Industries supplied certain goods to Syska LED in return for payment. However, Syska LED defaulted on a total of 25 invoices raised between March 2023 to July 2023, said Sunstar Industries.

 

After multiple reminders of payments, Syska LED issued fresh cheques dated September 2023 to November 2023 amounting to INR 70 million, said Sunstar Industries. In the emails, Syska LED accepted the default and promised to pay the same by or before Oct. 30, 2023, said Sunstar Industries. However, Syska LED failed to honour its commitment, said the petitioner. Also the cheques issued by Syska LED in September were dishonoured when presented to the bank for encashment, said Sunstar Industries. Consequently, Sunstar Industries moved the tribunal to start insolvency proceedings against Syska LED.  End

 

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2024. All rights reserved.