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 dispute with Metro Tyres, was rejected by the Delhi-based NCLT bench. The company had purchased cycle tyres and tubes from Metro Tyres, who raised invoices totaling Rs 3.69 crore between August and December 2022, leaving Rs 1.85 crore unpaid.
The tribunal issued a 16-page order on December 20 declaring a moratorium to protect the company from any legal proceedings,…
