# Bharat Ajay Jaisinghani Suspended Director of Polycab India Limited vs. Asier Metals Pvt. Ltd. & Anr.

> NCLAT judgment dated 2026-10-09. Citation: TCN-2026-NCLAT-00305. An appeal was filed by Bharat Ajay Jaisinghani, Suspended Director of Polycab India Limited,…

- **Court:** NCLAT
- **Order date:** 9 Oct 2026
- **Citation:** TCN-2026-NCLAT-00305
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/bharat-ajay-jaisinghani-suspended-director-of-polycab-i-1wmcv

## Summary

### Background

An appeal was filed by Bharat Ajay Jaisinghani, Suspended Director of Polycab India Limited, against an NCLT order dated 07.10.2026 that admitted a Section 9 IBC application filed by Asier Metals Pvt. Ltd. The appellant contended a pre-existing dispute regarding payments and credit notes, which was recorded in correspondence, and offered to deposit the entire disputed amount.

## Facts

The Appeal is filed against an impugned order dated 07.10.2026 passed by the Ld. Adjudicating Authority (NCLT) Division Bench, Court-I, Ahmedabad in CP (IB) No.273/9/AHM/2026.

The Appellant is Bharat Ajay Jaisinghani, Suspended Director of Polycab India Limited.

The Respondents are Asier Metals Pvt. Ltd. & Anr.

The Appellant is inclined to deposit the entire amount as stated in Part IV of the application under Section 9 IBC, without prejudice to its rights and contentions.

A pre-existing dispute exists between the parties regarding payments made and credit notes to be issued by the Operational Creditor.

This pre-existing dispute has been recorded in correspondence between the parties.

A notice under Section 8 IBC was issued by the Respondent on 06.08.2026.

…

## Issues and analysis

### Issue 1: Whether the impugned order passed by the Adjudicating Authority admitting the Section 9 IBC …

**Ratio:** The NCLAT acknowledges the agitation of a pre-existing dispute but does not rule on its

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**Reasoning:** The court noted that the Senior Counsel for the Respondent agitated the existence of a

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**Interpretation:** The NCLAT appears to prioritize the preservation of the Corporate Debtor's

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**Application:** The court's decision to stay the order upon deposit suggests that the existence

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## Parties

- **Judges:** Yogesh K…; Barun M…; +1 more
- **Appellants:** Bharat Ajay…
- **Respondents:** Polycab India…; Asier Metals Pvt.…
- **Other parties:** Bharat Ajay…; Sunil…
- **Advocates:** Arun Kath…; Suhail Na…; +13 more

## Timeline

- **2026-08-06 — Section 8 Noti…**: A notice under Section 8 of the IBC was issued…
- **2026-08-24 — Section 9 Petit…**: A petition under Section 9 of the IBC…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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