Polycab India wins NCLAT appeal, sets aside insolvency admission order

Polycab India (NSE: POLYCAB) says the appellate tribunal, NCLAT, has allowed its appeal and set aside the NCLT Ahmedabad order admitting it into corporate insolvency resolution, it said in a filing on 30 Oct 2026. The case began with a ₹2.78 crore operational debt claim by Asier Metals Private Limited, which the company disputes.

What the NCLAT order does

The NCLAT order dated 30 Oct 2026 allows the company's appeal and sets aside the NCLT Ahmedabad Bench order dated 07 Oct 2026. That NCLT order had admitted a Section 9 petition filed by Asier Metals Private Limited, the operational creditor, and so admitted Polycab India into corporate insolvency resolution process.

The appeal, Company Appeal (AT) (Insolvency) No. 1940 of 2026, was filed by Bharat Ajay Jaisinghani, a suspended director of the company, under Section 61 of the Insolvency and Bankruptcy Code, 2016. The filing says the NCLAT judgment, by Member (Technical) Barun Mitra, held that a plausible dispute communicated under Section 8 requires the adjudicating authority to reject a Section 9 application under Section 9(5)(ii)(d).

The dispute behind the petition

The operational debt claimed was ₹2.78 crore for aluminium ingots supplied under purchase orders. A Section 8 demand notice was sent on 06 Aug 2026. The company sent a holding response on 19 Aug 2026 and a detailed reply on 02 Sep 2026, denying the debt and raising pre-existing disputes.

Asier Metals filed the Section 9 petition on 24 Aug 2026, before that detailed reply was sent. The company's filing series on the matter began with an intimation dated 07 Oct 2026, and it has made six earlier Regulation 30 intimations on the appeal.

Context from recent filings

The NCLAT order follows a string of recent legal filings. Blacklitt's data shows an NCLAT order dated 27 Oct 2026 that the company reported on 28 Oct 2026, and Blacklitt has reported on the tribunal's earlier hearing and reserved order in this appeal. The company's latest quarter, Q2 FY27, reported consolidated total income of ₹9,987.27 crore and net profit of ₹990.00 crore.

What the NCLAT order means for Polycab India's shareholders

The order removes the NCLT admission that had placed the company into insolvency proceedings, and the filing records that the company had appealed it. The filing does not say what financial impact the company expects from the order, what happens to the interim resolution professional or whether the CIRP is now terminated, or whether Asier Metals will appeal to the Supreme Court. The company's next steps are not stated.

At a glance