Polymatech Electronic IPO: NCLT issues notice to company over Rs 157 cr insolvency claim

The petition, filed under the Insolvency and Bankruptcy Code (IBC), seeks initiation of corporate insolvency resolution proceedings against the company. The operational creditors have alleged that Polymatech failed to clear advisory fees and honour equity commitments despite repeated assurances and partial payments. According to submissions made before the tribunal, the company acknowledged portions of the debt and made part-payments but allegedly defaulted on the remaining dues.

The petitioners were represented by Senior Advocate P.V. Balasubramaniam, along with Advocates Aditya Bharat Manubarwala and Amogh Simha. They informed the tribunal that a statutory demand notice had been served on the company in January 2025, to which, they submitted, no formal reply was received. The petitioners further argued that the company’s partial payments constituted acknowledgment of liability under the law.

Appearing for Polymatech Electronics Limited, Advocate Roshan accepted notice on behalf of the corporate debtor. After hearing preliminary submissions, the NCLT Chennai Bench issued notice in the matter and scheduled the next hearing for March 26, 2026.

If the petition is admitted at the subsequent stage, the tribunal may appoint an Interim Resolution Professional (IRP) and formally commence the Corporate Insolvency Resolution Process (CIRP). Such a development could have significant implications for the company’s management control, ongoing operations, creditors, lenders, and other stakeholders.

The matter will now proceed before the tribunal for further consideration on the scheduled date.