NCLAT Sets Aside NCLT Order Against Polycab India
The National Company Law Appellate Tribunal (NCLAT) has set aside the order passed by the National Company Law Tribunal (NCLT), Ahmedabad bench, dated October 07, 2026. This order was in the matter of Asier Metals Private Limited vs. Polycab India Limited. The NCLAT allowed the appeal filed by Polycab India, effectively overturning the NCLT's decision to admit the Corporate Debtor into the Corporate Insolvency Resolution Process (CIRP). The original NCLT order had admitted a Section 9 petition filed by Asier Metals Private Limited, claiming an outstanding operational debt of Rs. 2.78 Cr. Polycab India had contested the debt, citing pre-existing disputes arising from account reconciliation and competing claims.
Key Highlights
- NCLAT overturned NCLT's insolvency admission order against Polycab India.
- The appeal was filed by Polycab India's suspended director.
- The dispute involved an alleged operational debt of Rs. 2.78 Cr.
- Polycab India cited pre-existing disputes and account reconciliation issues.
- This ruling provides relief to Polycab India from CIRP proceedings.
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