Legal20 Mar 2026, 06:02 pm
Heranba Industries Ltd Faces Insolvency Petition from Haresh Petrochem Private Limited
AI Summary
An insolvency application has been filed by Haresh Petrochem Private Limited against Heranba Industries Ltd before the Hon''ble National Company Law Tribunal (NCLT) Ahemdabad under the Insolvency and Bankruptcy Code, 2016. The petition is due to a temporary quality issue that led to withheld payments, amounting to approximately Rs. 2.63 Crores. Heranba Industries Ltd is confident in resolving the quality issue and settling the matter amicably outside the NCLT proceedings. The initiation of insolvency proceedings may have a material impact on the company, depending on the outcome.
Key Highlights
- Haresh Petrochem Private Limited files insolvency petition against Heranba Industries Ltd
- The petition is due to a temporary quality issue leading to withheld payments of approximately Rs. 2.63 Crores
- Heranba Industries Ltd is confident in resolving the quality issue and settling the matter amicably outside NCLT proceedings
- The initiation of insolvency proceedings may have a material impact on the company, depending on the outcome