Sohinder Gill, CEO of Hero Electric India poses with the Dash and ER series electric two-wheelers, in Kolkata. | Photo Credit: PTI The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Hero Electric after admitting a plea filed by Metro Tyres, an operational creditor claiming a default of ₹1.85 crore. As…
The National Company Law Tribunal (NCLT) has begun insolvency proceedings against Hero Electric, following a plea by operational creditor Metro Tyres over an alleged default of Rs 1.85 crore. The tribunal also appointed Bhoopesh Gupta as Interim Resolution Professional to manage the company after the board’s suspension. Hero Electric’s defense, citing a pre-existing…
The National Company Law Tribunal (NCLT) has ordered insolvency proceedings against Hero Electric after admitting a plea by Metro Tyres over unpaid dues of Rs 1.85 crore. New Delhi, Dec 27 (PTI) The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Hero Electric after admitting a plea filed by Metro Tyres,…
New Delhi, Dec 27 (PTI) The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Hero Electric after admitting a plea filed by Metro Tyres, an operational creditor claiming a default of Rs 1.85 crore. As per provisions of the Insolvency & Bankruptcy Code (IBC), NCLT has appointed Bhoopesh Gupta as Interim…
Israel to persist until job is done, says Netanyahu after strikes at Houthi targets in Yemen | N18G On December 26, 2024, Israel launched airstrikes targeting multiple facilities linked to the Iran-aligned Houthi movement in Yemen, including Sanaa International Airport, Red Sea ports, and power stations in Hodeidah, Hezyaz, and Ras Kanatib. Houthi media reported…
Dundee man fears he could go bankrupt after Raac found in flats Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope.
The petition was filed by Metro Tyres Limited over dues of ₹1,85,25,373 towards goods supplied between August and December 2022. Hero Electric contended that the petition is not maintainable due to a pre-existing dispute over the quality of the goods supplied after September 2022. According to Hero Electric, these quality issues, identified through customer feedback,…
The coming year will likely see significant changes to the insolvency resolution regime for better operational efficiency and output, in a break from the slowdown seen in the past year. The insolvency and Bankruptcy Code (Amendment) Bill is expected to be tabled in Parliament early next year, to introduce group insolvency, and the laws needd…
A bankruptcy court in New Delhi has admitted Hero Electric Vehicles for a corporate insolvency resolution process in an application filed by its operational creditor Metro Tyres. The National Company Law Tribunal appointed Bhoopesh Gupta as interim resolution professional for the EV maker. “We are of the view that the corporate debtor (Hero Electric Vehicles)…