Syska LED Lights Faces Insolvency Amid Debt Dispute

The National Company Law Tribunal has ordered insolvency proceedings against Syska LED Lights following a plea from Sunstar Industries, its operational creditor. Syska, a part of the SSK Group, allegedly defaulted on payments amounting to Rs 7.70 crore. The Tribunal cited evidence acknowledging Syska's liability.

The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Syska LED Lights, a company within the Pune-based SSK Group, after admitting a plea by operational creditor Sunstar Industries. The creditor claims a debt of Rs 7.70 crore.

The Tribunal's Mumbai bench has appointed Debashis Nanda as the interim resolution professional. Syska's claims of a pre-existing dispute were rejected, as evidence confirmed its financial liability. The order emphasized the absence of any disputes over the transactions.

This decision follows an earlier Corporate Insolvency Resolution Process (CIRP) withdrawal due to a settlement. Current proceedings are over unpaid invoices for goods supplied by Sunstar Industries, despite multiple payment acknowledgments by Syska.

(With inputs from agencies.)