This error indicates that the spreadsheet you are trying to upload, belongs to a BIFF version prior to BIFF8. Coldfusion doesn't support reading these files. But when you open and save, the file becomes BIFF8 version and will be able to be processed. Currently there is no fix for this.
https://poi.apache.org/faq.html#faq-N10072
POI jars are responsible for reading spreadsheets in CF and they support only BIFF 8 version. Please check response for Q-6 in above url.