Wires, cables and fast-moving electrical goods maker Polycab India Ltd on Tuesday (October 13) said the National Company Law Appellate Tribunal (NCLAT) has stayed the National Company Law Tribunal’s (NCLT) order admitting an insolvency petition against the company over alleged operational dues of ₹2.79 crore.
The order, passed by the NCLT Ahmedabad Bench on October 7, was related to a petition filed by Asier Metals Private Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Polycab.
The NCLAT, in its October 9 order, directed that “the impugned order is stayed and be kept in abeyance till further orders”. The company’s appeal is scheduled…