Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi

Order Date: 09 October 2026

Case Overview

This appeal was filed by Bharat Ajay Jaisinghani, suspended director of Polycab India Limited, against an order dated 07 October 2026 passed by the National Company Law Tribunal (NCLT), Division Bench, Court-I, Ahmedabad in CP (IB) No.273/9/AHM/2026. The appellant contested the admission of an insolvency petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by operational creditor Asier Metals Pvt. Ltd.

The appellant's counsel argued that a pre-existing dispute existed between the parties regarding payments made and credit notes to be issued by the operational creditor. This dispute was documented in correspondence between the parties. Instead of issuing credit notes, the respondent issued a Section 8 notice on 06 August 2026 and subsequently filed the Section 9 petition on 24 August 2026.

The tribunal considered Polycab India's significant market position and financial standing, noting that it is India's largest integrated manufacturer of wires and cables with substantial operations including 27 manufacturing plants across multiple states, 3 regional offices, 35 warehouses and depots, and employment of 4,574 persons directly and 13,642 indirectly. For FY 2025-26, Polycab reported standalone revenue of ₹2,81,851.77 million, with aggregate revenue of ₹9,41,594.58 million over the previous five financial years. The company paid direct taxes aggregating ₹26,993.73 million and declared dividends aggregating ₹16,361.95 million during this period. Polycab is listed on BSE and NSE with 3,62,997 shareholders and market capitalization of ₹1,030.29 billion as of 31 March 2026, and has availed working capital limits of ₹12,000 crore from a consortium of 10 banks.

Final Outcome

The NCLAT granted a conditional stay of the impugned order, directing the appellant to deposit the entire amount mentioned in Part IV of the Section 9 application by way of Fixed Deposit Receipt (FDR) in the name of 'Registrar, National Company Law Appellate Tribunal, New Delhi' within one week from the order date. The stay will remain in effect until further orders. The appeal is listed for hearing on 26 October 2026 among the first five cases.

Topics: Insolvency Proceedings, Corporate Litigation, Manufacturing Sector