A bankruptcy court in New Delhi has admitted Hero Electric Vehicles for a corporate insolvency resolution process in an application filed by its operational creditor Metro Tyres. The National Company Law Tribunal appointed Bhoopesh Gupta as interim resolution professional for the EV maker.
“We are of the view that the corporate debtor (Hero Electric Vehicles) has not been able to raise a plausible contention regarding the pre-existence of ‘dispute’ between the parties,” observed a division bench of judicial member Bachu Venkat Balaram Das and technical member Atul Chaturvedi. “Hence, the present petition filed under Section 9 of the IBC, 2016 ought to be admitted,” said the bench in its order of December 20.
In this case, New Delhi-based…
