Highlights
- The National Company Law Appellate Tribunal has dismissed an insolvency petition against PepsiCo India Holdings, stating that the Insolvency and Bankruptcy Code cannot be used as a debt-recovery mechanism.
- The appellate tribunal upheld the earlier decision by the Chandigarh bench of the National Company Law Tribunal, which rejected SNJ Synthetics’s plea for initiating Corporate Insolvency Resolution Process against PepsiCo.
- The NCLAT ruled that SNJ Synthetics’s claim was not maintainable since the principal debt had been repaid, leaving only a disputed claim for interest.
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