# 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-00308. 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-00308
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/bharat-ajay-jaisinghani-suspended-director-of-polycab-i-cjsxk

## Summary

### Background

An appeal was filed by Bharat Ajay Jaisinghani, Suspended Director of Polycab India Limited, against an NCLT order dated 07.10.2026, which admitted a Section 9 IBC petition filed by Asier Metals Pvt. Ltd. & Anr. The appellant contended that a pre-existing dispute existed between the parties regarding payments and credit notes, which was recorded in prior correspondence. The Section 8 notice was issued on 06.08.2026, followed by the Section 9 petition on 24.08.2026.

## Facts

An Appeal was filed against an impugned order dated 07.10.2026 passed by the Ld. Adjudicating Authority (National Company Law Tribunal) 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 rights and contentions.

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

This dispute has been recorded in the correspondence between the parties.

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

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## Issues and analysis

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

**Ratio:** An interim stay on an NCLT order admitting a Section 9 IBC petition may be granted if the

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**Reasoning:** The NCLAT considered the appellant's (suspended director of Polycab India Limited) offer

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**Interpretation:** The court interpreted the appellant's offer to deposit the amount as a good

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**Application:** The NCLAT applied this principle by directing the appellant to deposit the

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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…**: The Respondent (Operational Creditor)…
- **2026-08-24 — Section 9 Petit…**: A petition under Section 9 of the IBC…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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