The National Company Law Appellate Tribunal (NCLAT) has annulled the insolvency proceedings initiated against Polycab India Limited concerning an alleged operational debt of Rs 2.78 crore. The tribunal directed that Polycab be released from the Corporate Insolvency Resolution Process (CIRP) and permitted to function independently under its board of directors with immediate effect.
A three-member bench led by Officiating Chairperson Justice Yogesh Khanna, along with Technical Members Barun Mitra and Ajai Das Mehrotra, allowed an appeal filed by Polycab’s suspended director Bharat Ajay Jaisinghani. The bench set aside the National Company Law Tribunal (NCLT), Ahmedabad’s October 7 order, which had admitted an insolvency…