Hero Electric, a once leading Indian electric two-wheeler manufacturer, has been admitted to insolvency proceedings following a petition filed by Metro Tyres over unpaid dues amounting to Rs 1.85 crore. A Delhi bench of the National Company Law Tribunal (NCLT) initiated the process under the provisions of India’s Insolvency and Bankruptcy Code (IBC), suspending Hero Electric’s board and appointing Bhoopesh Gupta as the interim resolution professional to oversee the company’s operations, according to PTI.
The case stems from Hero Electric’s purchase of tyres and tubes worth Rs 3.69 crore from Metro Tyres between August and December 2022, of which Rs 1.85 crore remained unpaid. Metro Tyres…
