# In the matter of HERO ELECTRIC VEHICLES PRIVATE LIMITED

> NCLT judgment dated 2026-03-03. Citation: TCN-2026-NCLT-00196. The application was filed by the Resolution Professional (RP) seeking initiation of liquidation…

- **Court:** NCLT
- **Order date:** 3 Mar 2026
- **Citation:** TCN-2026-NCLT-00196
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/hero-electric-vehicles-private-limited-f1a33fe8

## Summary

### Background

The application was filed by the Resolution Professional (RP) seeking initiation of liquidation for M/s Hero Electric Vehicles Pvt Ltd, the Corporate Debtor (CD), under Section 33(1) read with Section 60(5) of the Insolvency and Bankruptcy Code (IBC).

## Facts

The Resolution Professional filed an application seeking liquidation of the Corporate Debtor.

The Corporate Insolvency Resolution Process (CIRP) was initiated pursuant to an application under Section 9 of the IBC by the Operational Creditor, M/s Metro Tyres Limited.

The RP made a public announcement inviting claims and constituted the Committee of Creditors (CoC).

The CoC was reconstituted after receiving additional claims from Financial Creditors.

Multiple CoC meetings were held, but no resolution plan could secure the requisite 66% voting share.

The CIRP period expired on 13.02.2026 without an approved resolution plan.

The CoC was deadlocked, with approximately 50% of the voting share supporting a resolution plan and 50% favoring liquidation.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order liquidation of the Corporate Debtor under Section …

**Ratio:** Section 33(1)(a) of the IBC allows for liquidation when no resolution plan is approved

…

**Reasoning:** The CIRP period expired on 13.02.2026 without an approved resolution plan. The CoC was

…

**Interpretation:** The Adjudicating Authority interpreted Section 33(1)(a) to mean that

…

**Application:** The Adjudicating Authority applied Section 33(1)(a) to the facts of the case

…

## Parties

- **Judges:** BACHU VENKAT…; Reena Sinh…
- **Appellants:** BHOOPESH…
- **Respondents:** M/s HERO ELECTRIC…
- **Other parties:** Bank of B…; Kotak Mahindra…; +6 more
- **Advocates:** Vishal Hi…; Abhishek…

## Timeline

- **2024-12-20 — CIRP Init…**: CIRP initiated by the Adjudicating Authority pursuant to an application filed under…
- **2025-01-23 — CoC Consti…**: List of creditors and report pertaining to the constitution of the CoC were placed on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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