Heranba Industries Ltd has been served with an insolvency petition filed by Haresh Petrochem under the Insolvency and Bankruptcy Code (IBC). The claim amount stands at ₹17 million, and the matter is currently before the National Company Law Tribunal (NCLT). The petition raises concerns over financial disputes with the unit.
Corporate & Legal Update: Heranba Industries
Heranba Industries, a leading agrochemical manufacturer, is facing legal headwinds after Haresh Petrochem filed an insolvency petition in the NCLT. The petition, filed under the Insolvency and Bankruptcy Code (IBC), claims dues of ₹17 million against one of Heranba’s units.
Key Highlights
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Petition Filed: Haresh Petrochem initiated insolvency proceedings against Heranba Industries.
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Claim Amount: ₹17 million as per the IBC notice.
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Legal Forum: Case admitted in the National Company Law Tribunal (NCLT).
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Company Impact: Proceedings could affect Heranba’s operations and investor sentiment.
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Next Steps: Awaiting NCLT’s decision on admission and further hearings.
This development underscores rising financial disputes in India’s chemical and agrochemical sector. While the petition is at an interim stage, the outcome could influence Heranba’s market standing and future business continuity. Investors and stakeholders are closely monitoring the tribunal’s proceedings for clarity.
Sources: National Company Law Tribunal (NCLT), BSE filings, Business Standard