{"id":322814,"date":"2024-05-23T16:30:47","date_gmt":"2024-05-23T11:00:47","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=322814"},"modified":"2024-06-20T17:59:49","modified_gmt":"2024-06-20T12:29:49","slug":"nclt-dismisses-corporate-insolvency-resolution-proceedings-against-syska-led-lights-after-settlement-scc-times","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/05\/23\/nclt-dismisses-corporate-insolvency-resolution-proceedings-against-syska-led-lights-after-settlement-scc-times\/","title":{"rendered":"NCLT approves withdrawal of insolvency resolution proceedings against Syska LED Lights after settlement"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">National Company Law Tribunal, Mumbai:<\/span> In an application seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Syska LED Lights Pvt. Ltd. (Corporate Debtor), a division bench comprising of Prabhat Kumar (Technical Member) and V. G. Bisht, J., (Judicial Member), while recognising the settlement between the parties, dismissed the CIRP proceedings. The NCLT directed that the control of Syska LED Lights Pvt. Ltd. is to be returned to its management, and all related applications are disposed of.<\/p>\n<p style=\"margin-bottom: 3%;\">In the instant matter, the petitioner, proprietor of M\/s. N. J. Electronics (Operational Creditor), sought to initiate the CIRP against respondent-Syska LED Lights Pvt. Ltd. (Corporate Debtor). The Operational Creditor is engaged in manufacturing various electronic products and had a business relationship with the Corporate Debtor, supplying products such as transformers and inductors. The business ran smoothly until December 2022. Subsequently, the Corporate Debtor delayed or stopped payments and issued 11 post-dated cheques (PDCs), 8 of which were dishonored due to insufficient funds. On 01-11-2023, the Operational Creditor sent a demand notice to the Corporate Debtor under Section 8 of the IBC. The Corporate Debtor replied on 11-11-2023 but failed to clear the dues. The total claim amount by the Operational Creditor, including interest, was Rs. 1,26,75,456. On 22-04-2024, the Corporate Debtor expressed willingness to settle by offering two demand drafts of Rs. 10 lakhs each, which the Operational Creditor declined based on the Corporate Debtor&#8217;s past conduct.<\/p>\n<p style=\"margin-bottom: 3%;\">The NCLT found that the debt and default were established and no dispute regarding the debt in default was raised. Consequently, the NCLT, vide order dated 07-05-2024, initiated the CIRP against Syska LED Lights Pvt. Ltd., and appointed an Interim Resolution Professional (IRP) to oversee the process. The NCLT directed the Operational Creditor to deposit Rs. 3,00,000 with the IRP to cover public notice expenses.<\/p>\n<p style=\"margin-bottom: 3%;\">The NCLT noted that on 07-05-2024, a settlement agreement was executed between the Financial Creditor and the Corporate Debtor and a joint application was submitted by both parties, indicating that the dues had been settled. The NCLT held that in view of the settlement agreement, Syska LED Lights Pvt. Ltd. is taken out of the CIRP, directed the Resolution Professional to hand over control of the Syska LED Lights Pvt. Ltd. back to the Corporate Debtor, if it had been taken over and dismissed the company petition as withdrawn. All pending applications were deemed infructuous and no costs were imposed.<\/p>\n<p style=\"margin-bottom: 3%;\">[<span style=\"font-weight: bold; color: #632423;\"><span style=\"font-style: italic;\">Neeraj Singh<\/span> v. <span style=\"font-style: italic;\">SYSKA LED Lights (P) Ltd.<\/span>, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/xDxG18XI\" target=\"_blank\" rel=\"noopener\">2024 SCC OnLine NCLT 2717<\/a>, order dated 09-05-2024<\/span>]<\/p>\n<hr\/>\n<p>Advocates who appeared in this case:<\/p>\n<p style=\"margin-left: 18pt;\">Mr. Anuj Solanki, Counsel for the Operational Creditor<\/p>\n<p style=\"margin-left: 18pt;\">Mr. Umang Mehta, Counsel for the Corporate Debtor<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">The NCLT directed the Resolution Professional to hand over control of Syska LED Lights Pvt. Ltd. back to the Corporate Debtor, if it had been taken over.<\/p>\n","protected":false},"author":67514,"featured_media":315817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[43781,22814,69035,41672,3539,12521,69034,3587,69036],"class_list":["post-322814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-cirp","tag-corporate-insolvency-resolution-process","tag-justice-v-g-bisht","tag-mumbai","tag-National_Company_Law_Tribunal","tag-nclt","tag-prabhat-kumar-technical-member","tag-settlement","tag-syska-led-lights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLT dismisses corporate insolvency resolution proceedings 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provides relief to companies by easing way to exit from corporate insolvency resolution process","author":"Editor","date":"July 29, 2020","format":false,"excerpt":"National Company Law Appellate Tribunal: Justice Bansi Lal Bhat (Acting Chairperson), Justice Anant Bijay Singh (Member, Judicial), Dr Ashok Kumar Mishra (Member, Technical), decided to reject the appeal of the appellant by making way for companies to pull out of ongoing corporate insolvency resolution process (CIRP). Vivek Bansal (Appellant) and\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":252536,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/11\/nclt-rejects-withdrawal-application-under-s-12-a-ibc\/","url_meta":{"origin":322814,"position":1},"title":"NCLT rejects withdrawal application under S. 12-A IBC where corporate debtor entered into settlement only with a fraction of creditors: CIRP against Rolta India Ltd. will continue\u00a0","author":"Bhumika Indulia","date":"August 11, 2021","format":false,"excerpt":"National Company Law Tribunal, NCLT Mumbai: Coram of Suchitra Kanuparthi, Judicial Member and Chandra Bhan Singh, Technical Member, observed that, \u201c\u2026a Judicial authority ought not to pass Orders which would lead to further multiplicity of proceedings.\u201d The instant application was filed by the Operational Creditor who had earlier initiated the\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":270339,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/19\/nclt-sahara-hospitality-to-go-through-corporate-insolvency-process\/","url_meta":{"origin":322814,"position":2},"title":"NCLT| Sahara Hospitality to go through Corporate Insolvency Process","author":"Editor","date":"July 19, 2022","format":false,"excerpt":"\u00a0 \u00a0 National Company Law Tribunal, Mumbai: The Bench of P.N. Deshmukh, J., Judicial Member, and Shyam Babu Gautam, Technical Member admitted an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the initiation of Corporate Insolvency Resolution Process (CIRP) against Sahara Hospitality Ltd. (Sahara).\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Financial Creditor","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":268652,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/18\/can-default-in-payment-of-instalments-under-the-settlement-agreement-be-defined-as-an-operational-debt-nclt-decides\/","url_meta":{"origin":322814,"position":3},"title":"Can default in payment of instalments under the settlement agreement be defined as an operational debt? NCLT decides","author":"Editor","date":"June 18, 2022","format":false,"excerpt":"National Company Law Tribunal, New Delhi: The bench of Abni Rajan Kumar Sinha, Judicial Member and Hemant Kumar Sarangi, Technical Member has held, that default made in payment of instalment amount as per the terms of the settlement agreement does not fall under the definition of operational debt. Facts of\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Financial Creditor","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":259962,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/13\/is-approval-with-90-vote-of-coc-required-before-allowing-withdrawal-of-cirp-application-even-where-coc-was-not-yet-constituted\/","url_meta":{"origin":322814,"position":4},"title":"Is approval with 90% vote of CoC required before allowing withdrawal of CIRP application even where CoC was not yet constituted? NCLAT clarifies law on S. 12-A IBC","author":"Bhumika Indulia","date":"January 13, 2022","format":false,"excerpt":"National Company Law Appellate Tribunal, New Delhi (NCLAT): The Coram of Justice Ashok Bhushan (Chairperson) and Jarat Kumar Jain (Judicial Member) and Dr Alok Srivastava (Technical Member) allowed withdrawal of application for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. Two appeals were filed against the same judgment\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-132-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-132-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-132-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-132-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-132-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":255301,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/07\/nclt-deducing-from-the-acts-and-the-tactics-of-the-corporate-debtor-failing-the-test-of-legality-initiates-cirp\/","url_meta":{"origin":322814,"position":5},"title":"NCLT | Deducing from the acts and the tactics of the corporate debtor failing the test of legality, initiates CIRP","author":"Editor","date":"October 7, 2021","format":false,"excerpt":"National Company Law Tribunal, Mumbai Bench, Mumbai- The Coram of Ashok Kumar Borah, Judicial Member, and Shyam Babu Gautam, Technical Member while allowing the company petition, ordered for initiation of Corporate Insolvency Resolution Process (CIRP). The Bench stated that, \u201cThe Operational Creditor has successfully demonstrated and proved the debt and\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/322814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67514"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=322814"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/322814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/315817"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=322814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=322814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=322814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}