NCLAT stays NCLT order admitting CIRP plea over alleged ₹2.79 crore operational debt
NCLAT order dated October 09, 2026 stays the NCLT Ahmedabad order that admitted a CIRP plea against the company.
By ScoutQuest · · 2 min read
- Alleged operational debt
- ₹2.79 crore
- NCLAT order date
- October 09, 2026
- Appeal hearing date
- October 26, 2026
Polycab India has disclosed receipt of an order dated October 09, 2026 from the Hon'ble National Company Law Appellate Tribunal ("Hon'ble NCLAT"), Principal Bench, New Delhi.
What the NCLAT order does
- It stays and keeps in abeyance, till further orders, the order dated October 07, 2026 passed by the Hon'ble National Company Law Tribunal, Ahmedabad Bench.
- That NCLT order had admitted and initiated Corporate Insolvency Resolution Process ("CIRP") against the company.
- The case, C.P.(IB)No.273/9/ AHM/2026, was shared by Asier Metals Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, in respect of an alleged operational debt of ₹2.79 crore.
Where the appeal stands
- The company has shared an appeal before the Hon'ble NCLAT, Principal Bench, New Delhi.
- The appeal is presently scheduled for hearing on October 26, 2026.
- The NCLAT has inter alia directed that "the impugned order is stayed and be kept in abeyance till further orders".
What the company says
The company states it has a strong case with good grounds on merits, including that the matter is a commercial dispute of INR. 2.79 crores, to set aside the NCLT order of admission and the initiation of CIRP. It says it does not expect any adverse or material impact on financial or business operations arising from the said order, and that business and management operations continue as usual.
The company states it continues to hold a zero-debt position with cash / investment liquidity, with a net cash position in excess of Rs.4,000 crores and a net-worth of Rs.11,682 crores, as per the audited financial statements for the year ended 31st March 2026.
Business profile given in the release
- India's largest manufacturer of wires and cables, with consolidated turnover of ₹285+ Bn in FY26.
- Distribution reach of 3,900+ authorized dealers and 190,000+ retail outlets.
- Operations across India through 26 manufacturing facilities, 15 offices and 35 warehouses.
- Has served customers in 94 countries; 4,500+ employees.
How to read this
The development being reported is that the order admitting the insolvency petition has been stayed and kept in abeyance till further orders, and that the appeal is listed for hearing on October 26, 2026. The alleged operational debt is ₹2.79 crore. The figure the company emphasizes alongside it is its stated net cash position of over Rs.4,000 crores and net-worth of Rs.11,682 crores. The outcome of the appeal will decide the next step in the matter.
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One-on-one meet with JP Morgan Asset Management fixed for October 23, 2026
19 Oct 2026
More numbers
- Alleged operational debt₹2.79 crore
- Commercial dispute amount stated by companyINR. 2.79 crores
- Net cash positionRs.4,000 crores
- Net-worth as per audited FY26 statementsRs.11,682 crores
- Consolidated turnover FY26₹285+ Bn
- Authorized dealers3,900+
- Retail outlets190,000+
- Employees4,500+
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