Mumbai, October 13, 2026: Polycab India Limited has announced that the National Company Law Appellate Tribunal (NCLAT) has stayed an earlier order passed by the National Company Law Tribunal (NCLT), Ahmedabad, which had initiated the Corporate Insolvency Resolution Process (CIRP) against the company. The NCLT order, dated October 7, 2026, had admitted a petition filed by Asier Metals Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, regarding an alleged operational debt of ₹2.79 crore.
The NCLAT’s decision, dated October 9, 2026, effectively puts the NCLT order in abeyance, allowing Polycab to continue its business operations without interruption. The appeal, which Polycab has filed, is scheduled for a hearing on October 26, 2026. A spokesperson for Polycab expressed confidence in the company’s legal standing, citing strong grounds to challenge the NCLT’s decision, which they view as a commercial dispute rather than a matter warranting insolvency proceedings.
Polycab has reassured stakeholders that the NCLAT’s interim order will not adversely impact its financial or business operations. The company maintains a robust financial position, with a zero-debt status, liquidity exceeding ₹4,000 crores, and a net worth of ₹11,682 crores as of March 31, 2026. The company remains committed to maintaining high standards of transparency, integrity, and governance.
As India’s largest manufacturer of wires and cables, Polycab continues to thrive in the fast-moving electrical goods sector, boasting a consolidated turnover exceeding ₹285 billion in the fiscal year 2026. With an extensive distribution network and a presence in 94 countries, the company is well-positioned to sustain its growth trajectory. Analysts will be closely monitoring the upcoming NCLAT hearing, as the outcome could have implications for Polycab’s strategic operations and market confidence.
