NCLT issues notice to Polymatech electronics over Rs 157 cr insolvency claim

Amid market reports regarding a potential initial public offering (IPO), the Chennai Bench of the National Company Law Tribunal (NCLT) has issued notice to Polymatech Electronics Limited over an insolvency petition alleging a default of Rs 157.20 crore.

The petition, filed under the Insolvency and Bankruptcy Code (IBC) by operational creditors, seeks initiation of the Corporate Insolvency Resolution Process (CIRP) against the company. The creditors have alleged that Polymatech failed to clear advisory fees and honour certain equity commitments despite repeated assurances and partial payments. Submissions before the tribunal indicate that while portions of the outstanding amount were acknowledged and part-payments were made, the balance dues remain unpaid.

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 was issued in January 2025, and that no formal reply was received within the stipulated period. The petitioners further contended that the company’s partial payments constitute acknowledgment of liability under applicable law.

Advocate Roshan appeared on behalf of Polymatech Electronics Limited and accepted notice for the corporate debtor. Following preliminary submissions, the NCLT issued notice in the matter and listed it for further hearing on March 26, 2026.

If admitted, the plea could result in the appointment of an Interim Resolution Professional and the commencement of CIRP, potentially impacting management control, operational continuity, and stakeholder interests. The matter is now slated for further consideration on the scheduled date.