NCLT admits IBC petition over alleged ₹2.79 crore operational debt; company to appeal in NCLAT

NCLT Ahmedabad admits an IBC petition against the company over an alleged operational debt of ₹2.79 crore.

Wed 7 Oct 2026

Alleged Operational Debt

₹2.79 crore

Net Cash Position

in excess of Rs.4,000 crores

Net Worth (audited FY26)

Rs.11,682 crores

What the company informed the exchanges

• The Hon'ble National Company Law Tribunal, Ahmedabad Bench, passed an order on October 07, 2026 admitting a petition shared under Section 9 of the Insolvency and Bankruptcy Code, 2016.
• The petition, in the matter of Asier Metals Private Limited vs. Polycab India Limited, seeks initiation of the Corporate Insolvency Resolution Process (CIRP) against the Company.
• The petition relates to an alleged operational debt of ₹2.79 crore.

The company's response

• The Company, in consultation with its legal advisors, is of the opinion that it has a strong case with good grounds of appeal, including that the matter is a commercial dispute.
• The Company is in the process of update an appeal before the Hon'ble National Company Law Appellate Tribunal (NCLAT).

Financial position cited by the company

• The Company does not expect any adverse or material impact on its financial or business operations arising from the order.
• It states that it continues to hold a zero-debt position with cash / investment liquidity.
• Net cash position in excess of Rs.4,000 crores and net-worth of Rs.11,682 crores, as per the audited financial statements for the year ended 31st March 2026.

What these terms mean in simple words

• Section 9 of the IBC: a petition shared by an operational creditor, that is a party that supplied goods or services, seeking to start insolvency proceedings against a company over dues it says are unpaid.
• CIRP: the corporate insolvency resolution process, the formal process that begins when such a petition is admitted.
• NCLAT: the appellate tribunal where an order of the NCLT can be challenged.

Points a reader can track

• The outcome of the appeal the Company is update before NCLAT.
• The Company's stated position that the matter is a commercial dispute and that it expects no material impact.

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