Hero Electric is headed for liquidation after the Committee of Creditors (CoC) failed to achieve the mandatory 66 percent majority required to approve a resolution plan under the Insolvency and Bankruptcy Code. The company’s insolvency journey began on December 20, 2024, following an application by operational creditor Metro Tyres Limited.
- CoC deadlocked at 50-50 split between resolution and liquidation
- Admitted claims total over Rs 150 crore across multiple creditors
- Pending fraud investigation into allegedly avoidable transactions
Hero Electric liquidation details
Creditor deadlock triggers liquidation
Despite attracting nine expressions of interest during the Corporate Insolvency Resolution Process, the case ultimately collapsed due to the…