The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently (October 9) stayed the admission of an insolvency petition against Polycab India Limited, filed by Asier Metals Pvt. Ltd, an operational creditor.
The order was passed by the bench of officiating Chairperson Justice Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra.
The appeal arose from the impugned order dated 7 October 2026 of the National Company Law Tribunal, Ahmedabad, which had admitted the operational creditor's application.
The appellant, Bharat Ajay Jaisinghani, suspended director of Polycab, argued that a pre‑existing dispute existed regarding payments and issuance of credit notes.
It was pointed out that despite correspondence on the matter, the operational creditor issued a demand notice on 6 August 2026 and filed the a petition under Section 9 of IBC on 24 August 2026 instead of issuing the credit notes.
The appellant submitted that Polycab, being India's largest integrated manufacturer of wires and cables with significant national presence and financial strength, was willing to deposit the entire claimed amount of Rs.2,78,70,157.22, without prejudice to its rights and contentions.
The Bench, noting Polycab's corporate stature and the appellant's readiness to deposit the amount, directed that the sum be placed in the form of an FDR in the name of the Registrar, NCLAT, within one week. Consequently, the impugned order was stayed and kept in abeyance until further orders.
The matter has been listed for further hearing on 26 October.
For Appellants: Senior Advocate Arun Kathpalia with Advocates Suhail Nathani, Anuj Tiwari, Dinesh Pednekar, Chanakya Keswani, Shubhangi Khandelwal, Prapti Allagh, Diksha Gupta, Shivendra Nath Mishra, Vaibhav Vats, Sameer Mishra
For Respondents: Senior Advocates Krishnendu Datta, Anand Chhibbar with Advocates Mohit Chaudhary, Kanishk Khetan for R1