The National Company Law Tribunal (NCLT) initiated the Corporate Insolvency Resolution Process (CIRP) against Hero Electric Vehicles Pvt Ltd based on a petition by Metro Tyres. Metro Tyres claimed Hero Electric had failed to pay dues amounting to ₹1.85 crore for tyres and tubes supplied between August and December 2022.
In its order on December 20, the tribunal said that Hero Electric could not establish any earlier dispute in relation to Metro Tyres’ payment claims. The petition was admitted under Section 9 of the Insolvency and Bankruptcy Code, 2016, since the tribunal found no valid arguments put forth by Hero Electric against the claims.
Metro Tyres supplied goods worth ₹3.69 crore. Of this, ₹4.27 lakh was paid, and the…
