Hero Electric Insolvency Case: NCLT Allows Third Liquidator Change, Approves Abhimanyu Mittal Appointment

Mumbai, April 14, 2026: The National Company Law Tribunal (NCLT) has again, for the third time, approved the replacement of the liquidator for Hero Electric Vehicles Private Limited, allowing insolvency professional Abhimanyu Mittal to take charge of the ongoing liquidation process.

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Tribunal approves creditor-backed plea

The order was passed by the New Delhi Bench in an application filed by Bank of Baroda, a major financial creditor and member of the Stakeholders’ Consultation Committee (SCC).

The tribunal allowed the plea seeking substitution of the existing liquidator, Dr Lekhraj Bajaj, with Mittal, noting that the SCC had already approved the change in its meeting held on March 10, 2026.

Previous appointments in the case

However, prior to Bajaj, Bhoopesh Gupta was initially appointed as Interim Resolution Professional and was later confirmed as the Resolution Professional by the CoC.

SCC vote shows overwhelming support

According to the resolution passed by the committee, the decision to appoint Mittal was taken in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016, and the relevant liquidation regulations. The voting reflected overwhelming support, with 99.61% of the voting share backing the proposal.

Company already ordered for liquidation

In its last orders passed in March, the tribunal has ordered the liquidation of Hero Electric Vehicles Pvt. Ltd. after no resolution plan received the mandatory voting approval from the Committee of Creditors (CoC) within the stipulated insolvency resolution period.

Insolvency proceedings background

The insolvency proceedings against the company had originally begun on December 20, 2024, following a petition filed by operational creditor Metro Tyres Limited under Section 9 of the IBC.

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During the Corporate Insolvency Resolution Process (CIRP), the RP issued public announcements inviting claims from creditors and subsequently constituted the Committee of Creditors.

The reconstituted CoC included lenders such as Bank of Baroda, Kotak Mahindra Bank, IDFC First Bank, South Indian Bank, and others, with Bank of Baroda holding the largest voting share of 39.70%.

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