NCLAT Ends Insolvency Case Against Polycab Over Rs 2.78 Crore
NCLAT, an appellate tribunal, has ended insolvency proceedings against Polycab over a claim of Rs 2.78 crore. The supplier, Asier Metals, had approached NCLT, claiming Polycab had not cleared its dues for aluminium ingots.
Context
Context: Under the Insolvency and Bankruptcy Code, a supplier with an unpaid bill can start proceedings against a company, which NCLT hears first and NCLAT reviews on appeal. Polycab is a large Indian maker of cables and wires.
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