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National Company Law Tribunal (NCLT) has recently initiated Corporate Insolvency Resolution Process (CIRP) against Hero Electric Vehicles Pvt Ltd following
SINGAPORE – Hin Leong’s founder Lim Oon Kuin and his two children were declared bankrupt last week, the electronic government gazette published on Dec 27 showed.
Better known in the oil trading industry as O.K. Lim, the 82 year old, his 57-year-old daughter Lim Huey Ching and 54-year-old son Lim Chee Meng will have their bankruptcy estates managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Advisory.
The bankruptcy stemmed from the former Singapore oil tycoon and his two children having agreed in September to pay US$3.5 billion to the court-appointed liquidators of the company and top creditor HSBC after a 50-day civil trial.
In the judgment reached by both parties, the family will have to pay US$3.5 billion plus interest from…
14:22, 27 December 2024, Bishkek – 24.kg news agency, by Baktygul OSMONALIEVA
Kara-Balta Passenger Motor Transport Company has announced its liquidation. The website of the Kyrgyz Stock Exchange says.
An extraordinary meeting of shareholders of Kara-Balta Passenger Motor Transport Company OJSC was held, at which a decision was made to terminate the company’s activities. The quorum was 87.77 percent of the voting shares.
The shareholders approved the liquidation balance of the company and appointed Gleb Sen-Fo Pak as the liquidator of the company. It was also decided to register termination of the activities of Kara-Balta PMTC OJSC in accordance with the legislation of the Kyrgyz Republic.
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…
Sohinder Gill, CEO of Hero Electric India poses with the Dash and ER series electric two-wheelers, in Kolkata.
| Photo Credit: 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 ₹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 National Company Law Tribunal (NCLT) has begun insolvency proceedings against Hero Electric, following a plea by operational creditor Metro Tyres over an alleged default of Rs 1.85 crore. The tribunal also appointed Bhoopesh Gupta as Interim Resolution Professional to manage the company after the board’s suspension.
Hero Electric’s defense, citing a pre-existing dispute with Metro Tyres, was rejected by the Delhi-based NCLT bench. The company had purchased cycle tyres and tubes from Metro Tyres, who raised invoices totaling Rs 3.69 crore between August and December 2022, leaving Rs 1.85 crore unpaid.
The tribunal issued a 16-page order on December 20 declaring a moratorium to protect the company from any legal proceedings,…
The National Company Law Tribunal (NCLT) has ordered insolvency proceedings against Hero Electric after admitting a plea by Metro Tyres over unpaid dues of Rs 1.85 crore.
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…
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…
