NCLAT sets aside insolvency proceedings against Polycab over Rs 2.78 crore dues
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The NCLAT set aside insolvency proceedings against Polycab India Limited over Rs 2.78 crore dues.
- ✓The tribunal found unresolved disputes between the parties regarding credit notes and charges.
- ✓It directed that the company be released from the insolvency process and allowed to function independently through its board of directors immediately.
Story at a Glance
- Category
- BUSINESS
- Reported By
- The Economic Times
- Reading Speed
- 5 Minute(s)
- Market Focus
- India Economy
Synopsis
NCLAT overturned the insolvency proceedings against Polycab India Limited, which originated from a claim by Asier Metals. The tribunal found unresolved disputes regarding payments and alleged operational dues amounting to Rs 2.78 crore. NCLAT noted that effective communication existed between the two parties detailing ongoing disagreements over credit notes and charges. Additionally, Polycab disputed the creditor's demand, indicating significant unresolved financial matters.
New Delhi: The National Company Law Appellate Tribunal (NCLAT) has set aside the insolvency proceedings initiated against Polycab India Limited over an alleged operational debt of Rs 2.78 crore, directing that the company be released from the Corporate Insolvency Resolution Process (CIRP) and allowed to function independently through its board of directors with immediate effect.
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The Economic Times
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