Amid reports of a possible initial public offering (IPO), the Chennai Bench of the National Company Law Tribunal (NCLT) has issued notice to Polymatech Electronics Limited in connection with an insolvency petition claiming a default of ₹157.20 crore.

The petition, filed by operational creditors under the Insolvency and Bankruptcy Code (IBC), seeks the initiation of the Corporate Insolvency Resolution Process (CIRP) against the company. The creditors allege that Polymatech failed to settle advisory fees and fulfil certain equity-related commitments despite repeated assurances and partial payments. According to submissions before the tribunal, although the company acknowledged parts of the outstanding dues and made some payments, the remaining amount is still unpaid.

Representing the petitioners, Senior Advocate P.V. Balasubramaniam, along with Advocates Aditya Bharat Manubarwala and Amogh Simha, informed the tribunal that a statutory demand notice had been served in January 2025. They stated that no formal response was received within the prescribed timeframe and argued that the partial payments made by the company amount to an acknowledgment of liability under the law.

Appearing for Polymatech Electronics Limited, Advocate Roshan accepted notice on behalf of the corporate debtor. After preliminary submissions, the NCLT issued notice in the case and scheduled the next hearing for March 26, 2026.

If the petition is admitted, an Interim Resolution Professional may be appointed and the CIRP initiated, which could affect the company’s management control, operations, and stakeholder interests. The matter will be taken up for further consideration on the scheduled date.