The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by SNJ Synthetics Limited against an order by the National Company Law Tribunal (NCLT), Chandigarh Bench-I, in a case involving PepsiCo India Holdings Private Limited. The appeal challenged the NCLT’s decision to dismiss SNJ Synthetics’ application to initiate the Corporate Insolvency Resolution Process (CIRP) against PepsiCo.
SNJ Synthetics, an MSME engaged in manufacturing PET preforms and thermoplastics, had a business relationship with PepsiCo, formalized through a Supply Agreement dated October 9, 2018. Disputes arose over unpaid dues, which SNJ Synthetics claimed amounted to ₹1,96,80,953 as of February 28, 2021. SNJ Synthetics…
