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, filed by Bharat Ajay Jaisinghani, the suspended director of Polycab India Limited, against Asier Metals Pvt. Ltd. and another respondent. The appeal arises from insolvency proceedings concerning Polycab India Limited. During the proceedings, while the matter was reserved for orders, the appellant's senior counsel raised an urgent concern regarding potential market impact. He submitted that if the order was not pronounced on that day (27.10.2026), the MSCI Index might delist Polycab stock in its next review cycle, which was scheduled to begin on 28.10.2026.
Final Outcome
The NCLAT bench, comprising Officiating Chairperson Justice Yogesh Khanna and Member (Technical) Barun Mitra, issued an interim direction in response to the submission. The tribunal directed that "no action as aforesaid be taken by MSCI till we pronounce the order," effectively prohibiting MSCI from proceeding with any delisting action against Polycab India Limited until the NCLAT delivers its final judgment in the appeal.
Topics: Insolvency Appeal, Index Delisting