Amidst robust growth of electric two-wheelers, India’s first electric scooter maker Hero Electric is up for insolvency resolution under IBC (Insolvency and Bankruptcy Code), with the resolution professional (RP) inviting prospective bidders for the now bankrupt company.
The Expression of Interest (EOI) from prospective bidders for the company was floated on February 18 and is set to close on March 14, 2025.
The RP will thereafter issue the final list of prospective resolution applicants on April 8.
Hero Electric was initially admitted into insolvency in December over default of Rs 1.85 core. The corporate insolvency resolution process has now advanced with the total admitted claims of creditors amounting to more than Rs 301.23 crore,…
