Creditors of Starlit Power Systems submit Rs 45 crore claims

The creditors of Starlit Power Systems Limited, which is under corporate insolvency resolution process, has submitted claims of Rs 45.28 crore, the company said in an exchange filing.

Of the Rs 45.28 crore, total outstanding of financial creditors is Rs 36.34 crore. Punjab National Bank has submitted claims of Rs 35 crore, and it has the largest voting share in the committee of creditors (CoC).

“The claim admission amount may vary as and when more information is received by the Interim Resolution Professional / Resolution Professional which may lead to further verification under Regulation 13 (2) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016,” the company said in an exchange filing.

The insolvency application against Starlit Power Systems filed by Advani Private Limited was admitted by the National Company Law tribunal (NCLT) on 20 March 2023. Starlit Power Systems had defaulted on a payment of Rs 1.07 crore.

With effect from 20 March 2023, the affairs, business and assets of Starlit Power Systems are being managed by, and the powers of the board of directors are vested in, the Interim Resolution Professional, Khushvinder Singhal.

Incorporated in the year 2008, Starlit Power Systems Ltd. (previously known as Starlit E Recyclers Private Limited) is part of the diversified Starlit Group. Its primary focus areas are recycling, refining, manufacturing, trade, import & export of Lead based products such as Refined Lead with minimum 99.98 % purity, Lead Alloys with Calcium, antimony, Selenium, Tin etc and Lead Oxides such as Grey Oxide and Red lead.

The annual production capacity of the plant located at Gurgaon is 12,000MT. SPSL also recycles old lead acid batteries, lead scrap in environmentally sound manner using most accepted technology worldwide.

The company has posted a loss of Rs 2.33 crore in FY22 on a revenue of Rs 9 crore.

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