Heranba Industries Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
HERANBA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The Hon'ble NCLT Mumbai Bench-VI has rejected and dismissed an insolvency application filed by Haresh Petrochem Private Limited against Heranba Organics Private Limited (HOPL), a wholly owned subsidiary of Heranba Industries. The tribunal dismissed the application on the grounds that upon excluding the claimed interest component, the principal operational debt fell below the statutory threshold limit prescribed under Section 4 of the IBC. Consequently, no Corporate Insolvency Resolution Process has been initiated against HOPL. The company states there is no material adverse impact on Heranba Industries pursuant to this order.
Positive development for Heranba Industries shareholders as the insolvency petition against its subsidiary has been dismissed, eliminating the risk of a resolution process being initiated against HOPL.