The New Delhi bench of the National Company Law Tribunal has admitted the insolvency petition filed by operational creditor Metro Tyres Limited against Hero Electric Vehicles Pvt. Ltd. The dispute Centers around an outstanding payment of Rs. 1.85 crore for cycle tyres and tubes supplied by Metro Tyres to Hero Electric.
Hero Electric claims the supplied tyres were of substandard quality, leading to safety concerns for their customers. They argue that this constitutes a pre-existing dispute, preventing the initiation of insolvency proceedings.
Metro Tyres denies these claims, stating that they have a customer-friendly claim policy and that Hero Electric’s concerns are unfounded. The company maintains that the outstanding…
