The insolvency journey for the pioneer electric two-wheeler manufacturer began on December 20, 2024, following an application by operational creditor Metro Tyres Limited.
While the process initially attracted significant interest drawing nine expressions of interest in its early stages, it ultimately collapsed under the weight of a deadlocked Committee of Creditors (CoC).
A House Divided: The 66% Hurdle
Liquidation was triggered not by a lack of bidders, but by the CoC’s inability to achieve the mandatory 66% majority required to approve a resolution plan under the Insolvency and Bankruptcy Code (IBC). Despite multiple rounds of negotiations and e-voting, the highest-voted plan managed to…