Anurada Chemicals Vs Synaptics Labs Private Limited (NCLAT Hyderabad)
The National Company Law Appellate Tribunal (NCLAT), Hyderabad Bench, has dismissed a petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Synaptics Labs Private Limited. The NCLAT’s decision, delivered on May 27, 2025, hinged on the operational creditor’s (OC) failure to validly serve the statutory demand notice under Section 8 of the Insolvency and Bankruptcy Code (IBC), 2016, despite establishing the existence of a debt and default exceeding the prescribed threshold.
The petition was filed by M/s. Anurada Chemicals (Operational Creditor) against M/s. Synaptics Labs Private Limited (Corporate Debtor/CD), alleging a default in payment of an operational debt amounting to Rs. 1,25,12,394/-.
Operational Creditor’s Case:
Anurada Chemicals claimed that it supplied chemicals to Synaptics Labs Private Limited, a company engaged in manufacturing API and related products. The Corporate Debtor allegedly failed to make timely payments for these supplies. As an acknowledgment of outstanding dues, the Corporate Debtor reportedly issued two post-dated cheques totalling Rs. 38,12,750/-, dated November 10, 2023, and November 25, 2023. Both cheques were dishonoured on January 2, 2024, with the remark “Payment Stopped by Drawer.”
Following this, on February 6, 2024, the Operational Creditor sent a Confirmation of Accounts for the period April 1, 2023, to December 31, 2023, showing an outstanding balance of Rs. 1,32,97,094/-, which was reportedly acknowledged by the Corporate Debtor. The unpaid amount was claimed as an operational debt of Rs. 1,25,01,537/-.
