Pepsi approaches NCLAT for release of its machinery from Oceanic Tropical

Company had supplied machine for producing juice, Mirinda cups to Oceanic Tropical, which is undergoing liquidation

Global beverages giant PepsiCo’s Indian arm PepsiCo India Holding Private Limited has approached the National Company Law Appellate Tribunal (NCLAT) seeking release of its machinery from the liquidator of Oceanic Tropical Fruits Private Limited.

PepsiCo has claimed that the machine it supplied to Oceanic Tropical was for making juices and Mirinda cups. Oceanic Tropical, however, is now undergoing liquidation and the machine now rightfully belongs to it, the latter has claimed. Though the NCLAT has agreed to hear PepsiCo, it has also asked the company as to why it should not be kept at the premises of Oceanic Tropical with