NCLAT Stays Polycab Insolvency Process on Deposit of ₹2.78 Crore

The National Company Law Appellate Tribunal stayed the corporate insolvency resolution process against Polycab India on condition that the company deposit the disputed ₹2.78 crore operational debt.

Background and legal issue

The NCLT Ahmedabad Bench had admitted an insolvency petition filed by Asier Metals concerning aluminium supplies. Polycab disputed the billing and raised reconciliation issues.

Court’s reasoning and procedural position

The appellate tribunal granted interim relief without finally deciding whether the claimed debt was due or whether a pre-existing dispute defeated admission.

Legal consequence and next step

The insolvency process remains in abeyance subject to deposit and further orders. The appeal is listed for October 26.