NCLT Admits Insolvency Petition Against Hero Electric
- Case Name: Metro Tyres Ltd v. Hero Electric Vehicles Pvt Ltd
- Judge(s): Bachu Venkat Balram Das, Atul Chaturvedi
- Advocate(s): Pallav Saxena, Syed Arsalan, Prateek Khaitan
The NCLT has accepted an insolvency petition against Hero Electric due to unpaid dues of ₹1.85 crore owed to Metro Tyres.
The case arose when Hero Electric purchased tyres worth ₹3.69 crore but only paid ₹4.27 lakh, leading to the petition after multiple payment requests were ignored. Hero claimed quality issues with the tyres, raising concerns nine months after delivery.
The NCLT appointed Bhoopesh Gupta as Interim Resolution Professional (IRP) under Section 9 of the Insolvency and Bankruptcy Code, directing Hero Electric to deposit ₹2,00,000 for initial expenses and provide necessary documents within a week.
Economic Times / 1 year, 3 months ago
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