THE NATIONAL COMPANY LAW TRIBUNAL

CHANDIGARH BENCH (COURT-I), CHANDIGARH

(Exercising powers of Adjudicating Authority under

the Insolvency and Bankruptcy Code, 2016)

Under Section 9 of the Insolvency

and Bankruptcy Code, 2016.

IN THE MATTER OF:

M/s SNJ Synthetics Limited,

through its authorized person Mr. Sanjay Jalan

having its Corporate Office at Factory & Admin Office: 149, Sri Venkateswara Co-operative Industrial Estate,

Bollaram Village (Patancheru Mandal),

District Sangareddy-502 325

…............................................... Operational Creditor

Versus

M/s PepsiCo India Holdings Private Limited,

having its registered office at

Level 3-6, Pioneer Square, Sector 62,

Near Golf Course Extension Road,

Gurugram-122101 Haryana, India

……................................... Corporate Debtor

Judgment delivered on: 02.01.2025

Coram: Hon’ble Mr. Harnam Singh Thakur, Member (Judicial)

Hon’ble Mr. Umesh Kumar Shukla, Member (Technical)

For the Operational Creditor: Mr. Vinay Kumar Pandey, Mr. Sanjeev Kaushik, Mr.

Divyanshu Kaushik, Advocates

For the Corporate Debtor : Ms. Munisha Gandhi, Senior Counsel with Mr. Manish

Jha, Mr. Abhishek Grover, Ms. Salina Chalana,

Advocates

Per: Harnam Singh Thakur, Member (Judicial)

Umesh Kumar Shukla, Member (Technical)

JUDGMENT

The present Petition is filed, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “IBC” or “Code”), by M/s SNJ Synthetics Limited (hereinafter referred to as the “Operational Creditor” or “Petitioner”), through its authourised representative Mr. Sanjay Jalan, Director with a prayer to initiate Corporate Insolvency Resolution Process (hereinafter referred to as the “CIRP”) in case of M/s PepsiCo India Holdings Private Limited (hereinafter referred to as the “Corporate Debtor” or “Respondent”).

2. The Corporate Debtor is a Company incorporated on 28.01.1994 under the provisions of the Companies Act, 1956 with CIN No. U21014TG1998FLC029285 with its registered office at Level 3-6, Pioneer Square, Sector 62, Near Golf Course Extension Road, Gurugram-122101, Haryana. Hence, the territorial jurisdiction lies with this Adjudicating Authority. The copy of the Master Data of the Corporate Debtor is attached with the main petition at Pages 1570-1572.

FACTS OF THE CASE

3. The brief facts, as stated in the Petition, are that:

(i) The Operational Creditor is into business of PET Preform manufacturing.

The Operational Creditor and Corporate Debtor entered into supply agreement, wherein the Operational Creditor was to manufacture performs to be supplied to the Corporate Debtor, for the production of PET bottles for bottled carbonated soft drink, non-carbonated beverages and/

or bottled water products for their respective buyer's location etc.

(ii) From time to time, the Corporate Debtor has been confirming the balance outstanding in the accounts of the Operational Creditor. Accordingly, the authorised signatory of the Corporate Debtor confirmed the balance and signed in confirmation of the amount due on 31.03.2018 at Rs.1,66,66,825/- vide reconciliation sign off dated 12.06.2018. The balance sum remains unpaid in spite of several requests and demands to the Corporate Debtor.

(iii) The Corporate Debtor has transferred the business to Varun Beverages Limited (hereinafter referred to as the “VBL”) under a Business Transfer Agreement (hereinafter referred to as the “BTA”) dated 18.02.2019 and communicated Deed of Novation dated 30.03.2019 to the Operational Creditor, where under it is mentioned that with effect from April 2019, which is anticipated as the closing date as per BTA, the Operational Creditor releases and discharges Corporate Debtor from its obligations and liabilities under the agreement and that the Operational Creditor shall continue to discharge its obligations and liabilities in favour of VBL under the agreement for the balance of the term of the agreement.

(iv) The supplies made prior to the closing date as informed in Deed of Novation and the balance amount outstandin