The National Company Law Appellate Tribunal (NCLAT) has rejected an effort to initiate insolvency proceedings against PepsiCo India, siding with the food and beverage conglomerate in a dispute centered on contested interest payments.
In a ruling issued Wednesday, the NCLAT dismissed an appeal by SNJ Synthetics Ltd., a supplier of PET preforms and thermoplastics, which had sought to trigger corporate insolvency resolution against PepsiCo under the bankruptcy code. The case was reported on the Bar & Bench.
The three-judge bench found that the debt claim against PepsiCo had been largely settled, with the principal amount already paid. What remained, a Rs1.05 crore claim for interest, was deemed insufficient to support a bankruptcy…
