NCLT Dismisses SNJ Synthetics Insolvency Petition Against Akron

NCLT Hyderabad dismissed an insolvency petition filed by SNJ Synthetics Ltd against Akron Formulations over a disputed operational debt.
The petitioner claimed Rs 1.39 crore for PET bottle supplies, but the respondent admitted only Rs 84.40 lakh, offered in instalments.
The tribunal found the debt amount ambiguous and inconsistent between the parties' records, deeming it unsuitable for insolvency resolution.
The order concluded the proceedings were initiated primarily for recovery, not for resolving genuine insolvency.