# Canara Bank Vs M/S Syska E-Retails LLP

> NCLT judgment dated 2025-06-17. Citation: TCN-2025-NCLT-00699. Canara Bank, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 17 Jun 2025
- **Citation:** TCN-2025-NCLT-00699
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/canara-bank-vs-ms-syska-e-retails-llp-00bcec1a

## Summary

### Background

Canara Bank, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/S Syska E-Retails LLP, the Corporate Debtor, due to a default in repayment of a total outstanding debt of INR 10,70,26,061.11. The date of default was stated as 21.11.2023. The Corporate Debtor raised objections regarding the maintainability of the application, discrepancies in the claimed amount, and alleged inconsistencies in the default dates.

## Facts

Canara Bank, the Financial Creditor, filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Syska E-Retails LLP, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed a default of INR 10,70,26,061.11, with the date of default being 21.11.2023. The Corporate Debtor was incorporated on 01.10.2015 and availed multiple credit facilities from Canara Bank, sanctioned on 24.08.2022. The Corporate Debtor and guarantors executed various agreements and letters in favor of the Financial Creditor. The Corporate Debtor created a security interest in the form of charges on supply bills and hypothecation of goods. The Financial Creditor disbursed loan amounts to the Corporate Debtor on

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** The Hon'ble Supreme Court in M. Suresh Kumar Reddy v. Canara Bank held that if the

…

**Reasoning:** The NCLT found that the Corporate Debtor had committed a default in repayment of the

…

**Interpretation:** The NCLT interpreted Section 7 of the IBC and the judgment of the Hon'ble

…

**Application:** The NCLT applied the ratio to the facts of the case and concluded that the

…

## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Canara…
- **Respondents:** Syska E-Retails…; M/S Syska…
- **Advocates:** Brijesh…; Nehal R…; +1 more

## Timeline

- **2015-10-01 — Incorporation of…**: The Corporate Debtor, M/S Syska E-Retails LLP, was incorporated under the provisions of…
- **2022-08-24 — Sanction of Credit…**: Canara Bank sanctioned multiple credit facilities to the Corporate Debtor under the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/canara-bank-vs-ms-syska-e-retails-llp-00bcec1a