New Delhi, Dec 27 (PTI) The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Hero Electric after admitting a plea filed by Metro Tyres, an operational creditor claiming a default of Rs 1.85 crore.
As per provisions of the Insolvency & Bankruptcy Code (IBC), NCLT has appointed Bhoopesh Gupta as Interim Resolution Professional to run the company after suspending the board of Hero Electric.
The Delhi-based bench of NCLT rejected the contentions of Hero Electric of a pre-existing dispute with the operational creditor saying that it was “not just a moonshine or feeble legal argument”.
The objections raised by Hero Electric are not found “tenable in law” and have been duly…
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