In a major relief to Inox Wind, the National Company Law Appellate Tribunal (NCLAT) has quashed insolvency proceedings against the integrated wind turbine manufacturer, allowing its board of directors to take charge again.
NCLAT has also directed National Company Law Tribunal (NCLT) to close the bankruptcy proceedings initiated against the company.
“This has reference to the appeal filed by Inox Wind before NCLAT, praying that the CIRP (bankruptcy proceedings) initiated by National Company Law Tribunal (NCLT), Chandigarh Bench in the matter of Jeena & Co Vs Inox Wind, vide their orders dated July 5 and July 11, 2017 be set aside,” Inox said in a statement.
Meanwhile, the company has informed BSE that it has already settled the dispute with Jeena & Company, an operational creditor.
Inox Wind has a net worth of Rs 2,190 crore and a cash balance (including liquid investments) of Rs 749 crore as at the end of March this year.