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…