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India’s Inox Wind appeals insolvency order - report

Wind turbines in Gujarat. Author: PeepleWatcher.

July 17 (Renewables Now) - Inox Wind Ltd (BOM:539083) is appealing a decision by India’s National Company Law Tribunal (NCLT) to start an insolvency process for the wind turbine maker in response to an operational creditor’s request.

The Economic Times (ET) reported on Saturday that the NCLT’s Chandigarh bench had passed an order on insolvency on July 5 after Jeena & Co moved a petition quoting the lack of payment for services it had provided to Inox Wind for clearance of import shipments.

A day later, Inox Wind told the newspaper that it had appealed the order and stressed that the company is solvent and in “excellent financial health”. The wind turbine manufacturer also noted that it has already settled the dispute with Jeena & Co.

A hearing on the matter will be held today, July 17. The estimated date for the closure on insolvency resolution process is January 1, 2018, according to the report.

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