NCLT admits insolvency plea against Hero Electric
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.
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«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 Metro Tyres was a supplier of tyres and tubes to Hero Electric.
Hero Electric MD Naveen Munjal did not respond to ET's queries.
«The management (of Hero Electric) has the option to challenge the order before the appellate tribunal or it can settle the dispute with the operational creditor before the formation of the committee of creditors,» said Ruchi Khatlawala, a partner at law firm Little & Co.
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