Heranba Industries Faces Insolvency Application
Heranba Industries Limited announced on March 20, 2026, that Haresh Petrochem Private Limited has filed an insolvency application against the company before the National Company Law Tribunal (NCLT) in Ahmedabad. The filing is made under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).The outstanding balance as of the filing date is approximately Rs. 2.63 Crores. The payment was temporarily withheld due to a quality issue related to goods/services supplied by Haresh Petrochem. The company is actively engaged in resolving this quality matter with the petitioner.
Heranba Industries anticipates an amicable resolution outside of NCLT proceedings and expects the payment to be released upon resolution of the quality issue. However, the company acknowledged that the initiation of insolvency proceedings may have a material impact on its financial position, operations, or future prospects, contingent on the outcome.
A table detailing the key aspects of the application is provided below:
| Particulars | Details |
|---|---|
| Name of the Authority | Hon'ble National Company Law Tribunal, Ahemdabad |
| Parties Involved | HARESH PETROCHEM PRIVATE LIMITED Vs HERANBA INDUSTRIES LIMITED. |
| Nature and Details of the Action | Filing of insolvency application under Section 9 of the Insolvency and Bankruptcy Code, 2016. |
| Amount/Claim Involved (if available) | Rs. 2.63 Crores approximately. |
| Date of Filing / Date of Receipt of Petition | March 20, 2026 |
| Reason for Delay in Payment | Quality issue identified in goods/services supplied by the petitioner. |
| Expected Resolution | Settlement amicably outside the NCLT proceedings. |
| Expected Impact on Heranba Industries Limited | Material impact on financial position, operations, or future prospects, depending on the outcome. |
| Next Steps / Hearing Date (if available) | April 20, 2026 |
The next hearing is scheduled for April 20, 2026. Heranba Industries stated it will continue to provide updates on the matter.
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