Polycab India received legal relief on Friday, October 30, after the National Company Law Appellate Tribunal set aside insolvency proceedings initiated against the wires and cables maker. The ruling allows the company to function independently through its board of directors with immediate effect, according to Devdiscourse, which carried an ANI report.
Tribunal rejects insolvency admission
A three-member NCLAT bench allowed an appeal filed by suspended director Bharat Ajay Jaisinghani and overturned the October 7 order of the National Company Law Tribunal in Ahmedabad. That order had admitted a petition by Asier Metals Private Limited over an alleged operational debt of about INR 2.78 crore.
The dispute concerns supplies of non-ferrous…