The National Company Law Appellate Tribunal (NCLAT) has set aside the insolvency proceedings initiated against Polycab India Limited over an alleged operational debt of Rs 2.78 crore, directing that the company be released from the Corporate Insolvency Resolution Process (CIRP) and allowed to function independently through its board of directors with immediate effect.
A three-member bench headed 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 Jaisinghand set aside the October 7 order of the National Company Law Tribunal (NCLT), Ahmedabad, which had admitted an insolvency petition filed by Asier Metals…