The Chennai Bench of the National Company Law Tribunal (NCLT) has issued notice to Polymatech Electronics Limited in response to an insolvency petition filed by operational creditors alleging a default of ₹157.20 crore. The petition has been initiated under the Insolvency and Bankruptcy Code (IBC), seeking commencement of the Corporate Insolvency Resolution Process (CIRP).
At the core of the dispute is an alleged failure by the company to settle advisory fees and fulfil equity commitments. The operational creditors have contended that while the company made certain part-payments and acknowledged portions of the outstanding dues, it failed to discharge the balance amount despite repeated assurances. From a legal standpoint, the…