New Delhi: In a relief to Polycab India Ltd, the National Company Law Appellate Tribunal (NCLAT) on Friday set aside insolvency proceedings against the wire and cable maker over unpaid dues of ₹2.78 crore claimed by supplier Asier Metals Pvt. Ltd.
The tribunal held that the Ahmedabad bench of the National Company Law Tribunal (NCLT) was wrong in admitting the insolvency case.
A bench led by 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. It cancelled the NCLT’s order admitting the case and all subsequent steps taken to start insolvency proceedings against the company.
The NCLAT’s written order was not…