# In the matter of SYSKA E-RETAILS LLP

> NCLT judgment dated 2026-01-08. Citation: TCN-2026-NCLT-00087. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s Syska E-Retails…

- **Court:** NCLT
- **Order date:** 8 Jan 2026
- **Citation:** TCN-2026-NCLT-00087
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/syska-e-retails-llp-ae7242ad

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s Syska E-Retails LLP. The CIRP was initiated based on a Section 7 application under the Insolvency and Bankruptcy Code, 2016. The applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).

## Facts

CIRP was initiated against M/s Syska E-Retails LLP based on a Section 7 application.

Vijay Pitamber Lulla was appointed as the IRP and later confirmed as the RP.

The CoC was constituted, comprising Canara Bank, State Bank of India, and UV Assets Reconstruction Company Limited.

No resolution plan was received within the stipulated time.

The CoC was divided on whether to extend the CIRP or initiate liquidation.

The CIRP period expired on 14.12.2025 without any resolution plan or extension approved.

The RP filed an application seeking directions from the NCLT due to the deadlock within the CoC.

The NCLT ordered the liquidation of M/s Syska E-Retails LLP under Section 33(1)(a) of the IBC.

Vijay Pitamber Lulla was appointed as the liquidator.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated given the expiry of the CIRP period and the …

**Ratio:** Section 33(1) of the IBC mandates liquidation if no resolution plan is received or

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**Reasoning:** The CIRP period expired on 14.12.2025, and no resolution plan was before the CoC. The

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**Interpretation:** The NCLT interpreted Section 33(1) of the IBC to mean that liquidation is the

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**Application:** The NCLT applied Section 33(1)(a) of the IBC and ordered the liquidation of the

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## Parties

- **Judges:** SH. PRABHAT…; SH. SUSHIL…
- **Appellants:** Vijay Pitamber…
- **Respondents:** Syska E-Retails…; Committee of…
- **Other parties:** Canara…; State Bank of…; +1 more
- **Advocates:** Raina B…

## Timeline

- **2025-06-17 — CIRP Init…**: CIRP initiated vide order dated 17.06.2025 upon admission of a Company Petition under…
- **2025-06-19 — Public Annou…**: Form A published in Financial Express and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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