NCLAT condones delay in PepsiCo insolvency plea, to list for hearing

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NCLAT condones delay in PepsiCo insolvency plea, to list for hearing - Business Standard

Quick Summary:

The National Company Law Appellate Tribunal (NCLAT) on Monday condoned the delay over a plea to initiate an insolvency petition filed against food & beverage major PepsiCo India Holdings by one of its operational creditors and directed to list for hearings before a bench.

The Registrar of the appellate tribunal has condoned the delay of six days in re-filing the Memo of Appeal against the orders of the Chandigarh bench of the National Company Law Tribunal, which had rejected SNJ Synthetics's plea.

Under the Insolvency and Bankruptcy Code (IBC), a person aggrieved by an NCLT order can challenge it before the appellate tribunal NCLAT by filing an appeal within 30 days from the date of receiving the NCLT order.