National Company Law Tribunal (NCLT) has recently initiated Corporate Insolvency Resolution Process (CIRP) against Hero Electric Vehicles Pvt Ltd following a petition filed by Metro Tyres. The operational creditor alleged that Hero Electric failed to clear dues amounting to ₹1.85 crore for tyres and tubes supplied between August and December 2022.
In its December 20 order, the Delhi bench of the NCLT stated that Hero Electric had not successfully established the existence of any pre-dispute with Metro Tyres. “In the facts and circumstances of the instant case, we are of the view that the Corporate Debtor has not been able to raise a plausible contention regarding the pre-existence of ‘dispute’ between the parties. Hence, the present…
