Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 27 October 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) was hearing Company Appeal (AT) (Insolvency) No. 1940 of 2026. The appellant is Bharat Ajay Jaisinghani, identified as the Suspended Director of Polycab India Limited. The respondents are Asier Metals Pvt. Ltd. & Anr. The matter was represented by Senior Advocates Mr. Abhijeet Sinha (for appellant) and Mr. Krishnendu Datta (for respondents).
During the proceedings, while the appeal was reserved for orders, the appellant's counsel raised an urgent concern regarding the potential delisting of Polycab India Limited's stock from the MSCI Index. It was submitted that if the NCLAT order was not pronounced on that day (27.10.2026), MSCI might proceed with the delisting in its upcoming review cycle, which was scheduled to commence on 28.10.2026.
Final Outcome
The NCLAT bench, comprising Officiating Chairperson Justice Yogesh Khanna and Member (Technical) Barun Mitra, issued an interim direction. The Tribunal directed that "no action as aforesaid be taken by MSCI till we pronounce the order," effectively preventing MSCI from delisting Polycab's stock until the NCLAT delivers its final judgment in the reserved appeal.
Topics: NCLAT Order, MSCI Index, Corporate Insolvency