Hero Electric faces liquidation after NCLT rejects revival plan. FAME-II subsidy halt, no buyers, and insolvency push EV maker towards shutdown in India.
Hero Electric is now heading into liquidation after the National Company Law Tribunal did not find any solid revival plan during the insolvency process. The company had been trying to turn things around for months, but it could not meet what creditors were expecting. The situation started last year when Hero Electric defaulted on payments to lenders and vendors, which pushed it into insolvency.
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During the process, it became clear that there was no real buyer ready to take over the business. The resolution professional…