The case involves a petition filed by Metro Tyres Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Hero Electric Vehicles Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor supplied cycle tyres and tubes to the Corporate Debtor based on reputation, raising invoices from 09.08.2022 to 03.12.2022, totaling Rs. 3,69,53,071. The Corporate Debtor paid Rs. 4,27,698, leaving an outstanding amount of Rs. 1,85,25,373 as of 31.03.2024. The Corporate Debtor claimed quality issues with the supplied tyres, leading to a dispute.
Metro Tyres Limited (Operational Creditor) filed a petition against Hero Electric Vehicles Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor supplied cycle tyres and tubes to the Corporate Debtor between 09.08.2022 and 03.12.2022, with invoices totaling Rs. 3,69,53,071. The Corporate Debtor made a partial payment of Rs. 4,27,698, leaving an outstanding debt of Rs. 1,85,25,373 as of 31.03.2024. The Operational Creditor sent a demand notice on 18.11.2023. The Corporate Debtor claimed quality issues with the tyres, citing tread separation, bubbles, and air leakage, and raised this concern via email on 09.09.2023. The Operational Creditor refuted these claims, stating they supply no
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The case involves a petition filed by Metro Tyres Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Hero Electric Vehicles Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor supplied cycle tyres and tubes to the Corporate Debtor based on reputation, raising invoices from 09.08.2022 to 03.12.2022, totaling Rs. 3,69,53,071. The Corporate Debtor paid Rs. 4,27,698, leaving an outstanding amount of Rs. 1,85,25,373 as of 31.03.2024. The Corporate Debtor claimed quality issues with the supplied tyres, leading to a dispute.
Metro Tyres Limited (Operational Creditor) filed a petition against Hero Electric Vehicles Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor supplied cycle tyres and tubes to the Corporate Debtor between 09.08.2022 and 03.12.2022, with invoices totaling Rs. 3,69,53,071. The Corporate Debtor made a partial payment of Rs. 4,27,698, leaving an outstanding debt of Rs. 1,85,25,373 as of 31.03.2024. The Operational Creditor sent a demand notice on 18.11.2023. The Corporate Debtor claimed quality issues with the tyres, citing tread separation, bubbles, and air leakage, and raised this concern via email on 09.09.2023. The Operational Creditor refuted these claims, stating they supply no
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