NCLAT stays and keeps in abeyance NCLT order admitting CIRP; directs deposit of Part IV amount by FDR

NCLAT has stayed and kept in abeyance the NCLT Ahmedabad order dated October 07, 2026 that admitted a CIRP plea against the company under Section 9 of the IBC.

Fri 9 Oct 2026

Alleged operational debt

₹2.79 crore

Deposit directed

FDR in the name of the Registrar, NCLAT, within a week

Appeal listed on

26.10.2026

This is an update on a legal development. Here is what has happened, as set out in the update.

What NCLAT has done

• The Hon'ble National Company Law Appellate Tribunal, Principal Bench, New Delhi has stayed and kept in abeyance the order dated October 07, 2026 passed by the Hon'ble National Company Law Tribunal, Ahmedabad Bench, for admission of the Corporate Insolvency Resolution Process.
• That order was in C.P.(IB) No.273/9/AHM/2026, in the matter of Asier Metals Private Limited vs. Polycab India Limited, under Section 9 of the Insolvency and Bankruptcy Code, 2016.
• The update describes the debt involved as an alleged operational debt of ₹2.79 crore.

What the NCLAT order directs

• The amount as stated in Part IV of the application under Section 9 IBC is to be deposited by way of FDR, in the name of 'Registrar, National Company Law Appellate Tribunal, New Delhi', within a week.
• The impugned order is stayed and be kept in abeyance till further orders.
• The Appeal, Company Appeal (AT) (Insolvency) No. 1940 of 2026, is listed on 26.10.2026 within the first five cases.

What was submitted at the hearing

• The Ld. Senior Counsel for the Appellant submitted that the Appellant is inclined to deposit the entire amount as stated in Part IV of the application, without prejudice to its rights and contentions.
• It was also submitted that a pre-existing dispute exists between the parties over the payments made and the credit notes to be issued by the Operational Creditor, which dispute has since been recorded in correspondence between the parties.
• The order records that a notice under Section 8 was issued on 06.08.2026 and a petition under Section 9 IBC was shared on 24.08.2026, and the impugned order was passed on 07.10.2026.
• The order notes that the existence of dispute was agitated by the Ld. Senior Counsel for the Respondent, but it proceeded to consider the status of the Appellant and the fact that the Appellant is inclined to deposit the amount.

Company scale, as recorded in the order

• Standalone revenue for the financial year 2025-26: INR 2,81,851.77 million.
• Aggregate revenue for the last five financial years: INR 9,41,594.58 million.
• Direct taxes paid in the same period: INR 26,993.73 million; dividends declared: INR 16,361.95 million.
• As on 31.03.2026: 3,62,997 shareholders and a market capitalisation of INR 1,030.29 billion.
• Working capital limits of INR 12,000 crore availed from a consortium of banks, which hold a charge over its assets.

How to read this

• The order admitting the CIRP petition has been stayed and kept in abeyance, and the matter is now before the appellate tribunal.
• That stay is described as being till further orders, and the appeal is listed on 26.10.2026.
• A deposit by way of FDR has been directed within a week, as stated in the order.
• The Section 9 petition, the alleged operational debt and the dispute over payments and credit notes are matters recorded in the order.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.