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NCLAT Dismisses PepsiCo Plea for Release of Machinery from Oceanic Tropical - (18 Nov 2019)

INSOLVENCY

National Company Law Appellate Tribunal has dismissed the plea of beverages giant Pepsico India Holdings seeking release of its machinery from Oceanic Tropical Fruits, which is under the insolvency process. Further the Tribunal observed that Pepsico India Holding cannot derive advantage of its own agreement with Oceanic Tropical Fruits over the Insolvency & Bankruptcy Code, 2016 which has provision of termination in case of bankruptcy or liquidation or similar situation to get the assets back.

Tags : NCLT   PEPSICO  

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