Haresh Petrochem Files Insolvency Petition Against Heranba Organics Subsidiary

An insolvency petition has been filed by Haresh Petrochem Private Limited against Heranba Organics Private Limited, a 100% wholly owned subsidiary of Heranba Industries Ltd, before the National Company Law Tribunal (NCLT) Mumbai. The claim amount is approximately Rs. 1.70 Crores, out of which HOPL has made a part payment, leaving an outstanding balance of approximately Rs. 93.90 Lakhs. The balance payment was temporarily withheld due to a quality issue identified in the goods/services supplied by the petitioner. HOPL is confident that upon resolution of the quality issue, the remaining payment will be released, and the matter will be settled amicably outside the NCLT proceedings.