Insolvency Plea Against PepsiCo Dismissed; IBC Cannot Be Invoked Solely for Interest Repayment: NCLAT

In a recent judgment by the National Company Law Appellate Tribunal (NCLAT), an appeal filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by SNJ Synthetics Limited, an MSME, was dismissed. The company had sought to initiate Corporate Insolvency Resolution Process (CIRP) against PepsiCo India Holdings Private Limited, alleging non-payment of an operational debt. Principal amount paid during proceedings SNJ Synthetics had originally claimed an operational debt of…