The case involves a Company Petition filed by Sunstar Industries, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Syska LED Lights Private Limited, the Corporate Debtor. The Operational Creditor claimed an amount of Rs.7,70,95,748/- as outstanding, including principal and interest. The Corporate Debtor disputed the claim, alleging that the petition was based on falsehoods, misstatements, and suppression of material facts, citing disputes over the quality of goods supplied and the existence of debit notes. The Operational Creditor argued that the Corporate Debtor acknowledged the debt through emails and post-dated cheques, which were later dishonored.
Sunstar Industries, an Operational Creditor, filed a Company Petition against Syska LED Lights Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. Sunstar Industries claimed an outstanding amount of Rs.7,70,95,748/-, including principal (Rs.7,19,45,494/-) and interest (Rs.51,50,254/-), based on invoices for goods supplied between March 2023 and July 2023. Syska LED Lights Private Limited acknowledged the debt through emails and issued post-dated cheques amounting to Rs.7,00,00,000/-, which were later dishonored. Syska LED Lights Private Limited argued that there were pre-existing disputes regarding the quality of goods supplied, leading to debit notes and a lack of a fixed payment timeline. Sunstar Industries denied the
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M/s Sunstar Industries and M/s Syska Led…
The Corporate Debtor continues to be in default…
The case involves a Company Petition filed by Sunstar Industries, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Syska LED Lights Private Limited, the Corporate Debtor. The Operational Creditor claimed an amount of Rs.7,70,95,748/- as outstanding, including principal and interest. The Corporate Debtor disputed the claim, alleging that the petition was based on falsehoods, misstatements, and suppression of material facts, citing disputes over the quality of goods supplied and the existence of debit notes. The Operational Creditor argued that the Corporate Debtor acknowledged the debt through emails and post-dated cheques, which were later dishonored.
Sunstar Industries, an Operational Creditor, filed a Company Petition against Syska LED Lights Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. Sunstar Industries claimed an outstanding amount of Rs.7,70,95,748/-, including principal (Rs.7,19,45,494/-) and interest (Rs.51,50,254/-), based on invoices for goods supplied between March 2023 and July 2023. Syska LED Lights Private Limited acknowledged the debt through emails and issued post-dated cheques amounting to Rs.7,00,00,000/-, which were later dishonored. Syska LED Lights Private Limited argued that there were pre-existing disputes regarding the quality of goods supplied, leading to debit notes and a lack of a fixed payment timeline. Sunstar Industries denied the
…M/s Sunstar Industries and M/s Syska Led…
The Corporate Debtor continues to be in default…