NCLAT sets aside insolvency proceedings against Polycab over Rs 2.78 crore dues

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.