Wires, cables and fast-moving electrical goods maker Polycab India Ltd on Tuesday (October 13) said the National Company Law Appellate Tribunal (NCLAT) has stayed the National Company Law Tribunal’s (NCLT) order admitting an insolvency petition against the company over alleged operational dues of ₹2.79 crore.
The order, passed by the NCLT Ahmedabad Bench on October 7, was related to a petition filed by Asier Metals Private Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Polycab.
The NCLAT, in its October 9 order, directed that “the impugned order is stayed and be kept in abeyance till further orders”. The company’s appeal is scheduled for hearing on October 26, 2026.
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In a statement, the company said, “With reference to the ongoing proceedings, we are of the opinion that we have a strong case with good grounds on merits, including that of it being a commercial dispute of ₹2.79 crores, to set aside the order of admission passed by the National Company Law Tribunal, Ahmedabad (NCLT) and initiation of the Corporate Insolvency Resolution Process (CIRP) against the Company. We have filed an Appeal before the Hon’ble National Company Law Appellate Tribunal, Principal Bench, New Delhi (Hon’ble NCLAT) and the Hon’ble NCLAT has stayed and kept in abeyance the order of admission in its entirety (NCLAT Order).”
“We do not expect any adverse/material impact on financial or business operations arising from the said order. We continue to hold a zero-debt position with the cash/investment liquidity, and our Balance Sheet continues to remain strong with net cash position in excess of ₹4,000 crores and net-worth of ₹11,682 crores as per the audited financial statements for the year ended 31st March 2026.
We remain focused on our business operations and are committed to conducting them with the highest standards of transparency, integrity, and governance,” a Polycab spokesperson said.
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Shares of Polycab India Ltd ended at ₹8,260.00, down by ₹154.00, or 1.83%, on the BSE.