NCLT initiates insolvency proceedings against Syska LED Lights due to a debt claim by Sunstar Industries.
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Syska LED Lights due to a ₹7.70 crore debt claimed by Sunstar Industries. The NCLT appointed Debashis Nanda as interim resolution professional and suspended Syska's board. Syska's assertion of a pre-existing dispute was rejected, affirming its liability. This action follows a previous similar case in 2024 that was settled before proceeding.
October 09, 2024
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