A bankruptcy cloud is hanging over Polymatech Electronics Limited after operational creditors moved the National Company Law Tribunal (NCLT), Chennai, seeking insolvency proceedings against the company for alleged default on payments running into ₹157.20 crore.
The insolvency plea, filed under the Insolvency and Bankruptcy Code, accuses Polymatech of failing to pay advisory fees and honour equity commitments despite repeated assurances and part-payments, according to documents submitted before the tribunal. The Operational Creditors/petitioners were represented by Sr Adv PV Balasubramaniam, along with Advocates Aditya Bharat Manubarwala and Amogh Simha. They submitted that the Corporate Debtor Company failed to reply to the Demand Notice originally served to them in Jan 2025. They also submitted that the Corporate Debtor Company has already partly paid the amounts due to the Operational Creditor and have also acknowledged their debt.
NCLT Chennai was pleased to issue notice which was accepted by the Corporate Debtor Company by Advocate Roshan. The case is now slated for hearing on 26th March 2026. If admitted, the plea could trigger the appointment of an interim resolution professional and place the company under the corporate insolvency resolution process, potentially impacting its operations, lenders, and stakeholders.
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