The National Company Law Appellate Tribunal (NCLAT) has stayed the order that admitted an insolvency petition against Polycab India, according to LiveLawBiz reports of 8 and 15 October 2026. The Ahmedabad bench of the National Company Law Tribunal (NCLT) admitted the petition by aluminium supplier Asier Metals on 7 October. On 9 October the NCLAT kept that order in abeyance until further orders. The reports do not say whether the moratorium or the interim resolution professional's appointment is affected.
What the NCLT decided
In Asier Metal Private Limited v. Polycab India Limited, the NCLT's Judicial Member Shammi Khan and Technical Member Sanjeev Sharma admitted the petition and appointed Sunit Jagdishchandra Shah as interim resolution professional. Asier had raised 29 invoices totalling ₹34.16 crore for aluminium ingots at a fixed ₹405 a kg, Polycab had paid ₹30.96 crore, and Asier claimed ₹2.78 crore after adjustments, with the default dated 26 June 2026. The NCLT rejected Polycab's defence that the invoices were provisional, saying it found no earlier dispute on record.
The NCLAT stay
The NCLAT bench of Officiating Chairperson Justice Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra heard an appeal by a suspended Polycab director. Polycab argued that a dispute over payments and credit notes already existed and that the supplier issued a demand notice on 6 August and filed its petition on 24 August instead of issuing credit notes. The bench based the stay on Polycab's corporate stature and its readiness to deposit the claimed amount. It ordered the appellant to deposit ₹2,78,70,157.22 as a fixed deposit in the name of the NCLAT Registrar within one week. The appeal is next heard on 26 October 2026.
Polycab's statement
In a stock exchange disclosure, summarised by TipRanks, Polycab said business and management operations continue as usual and it does not expect a material impact on its financial or business performance. It cited zero debt, a net cash position above ₹4,000 crore and a net worth of ₹11,682 crore, and called the matter a commercial dispute.
Key numbers
- Invoices raised: ₹34.16 crore (29 invoices)
- Paid by Polycab: ₹30.96 crore (Per the NCLT order)
- Deposit ordered by NCLAT: ₹2.79 crore (Within one week)
- Next hearing: 26 October 2026 (NCLAT appeal)
What boards and CFOs should note
Three points stand out. First, an admission order can be stayed within days if the claimed amount is secured. Second, the stay is interim, and the appeal is still to be decided. Third, a small disputed supplier claim can trigger a tribunal admission, so disputes should be documented before a demand notice arrives.
Source: LiveLawBiz, 15 October 2026 (NCLAT stay). This is a summary of a news report, published as general information. It is not legal, tax or investment advice.
This article is journalism and commentary. It is not a recommendation to buy or sell any security, and it is not professional advice. Read the full disclaimer.
