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…