NCLAT Stays Insolvency Admission Against Polycab Over ₹2.79 Crore Debt Claim

Polycab India told the exchanges that the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, on 9 October 2026 stayed and kept in abeyance an order passed two days earlier by the NCLT, Ahmedabad Bench. That earlier order had admitted a Corporate Insolvency Resolution Process (CIRP) against Polycab under Section 9 of the Insolvency and Bankruptcy Code, in a matter brought by Asier Metals Private Limited. The disclosure continues two earlier intimations dated 7 and 8 October 2026.

Per the filing, the CIRP arose from an alleged operational debt. Before the NCLAT, the appellant — a suspended director of Polycab — argued that a pre-existing dispute existed between the parties over payments and credit notes, and submitted, without prejudice to its rights, that it was inclined to deposit the entire amount claimed in the Section 9 application. The tribunal directed that the amount be deposited by way of a fixed deposit receipt in the name of the Registrar, NCLAT, within a week, and stayed the admission order till further orders.

The matter is not concluded. The NCLAT listed the appeal for hearing on 26 October 2026. For now, the practical effect of the order is that the CIRP admitted by the Ahmedabad bench does not take effect while the stay holds. The company said it will continue to notify the exchanges of material events as they occur.