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Third largest wind turbine manufacturer Inox Wind protests insolvency order

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From: Financial Express By: Reuters Published at: July 17, 2017
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Inox Wind, the third largest wind turbine manufacturer in the country, has appealed against the order to initiate insolvency proceedings in the national company law appellate tribunal (NCLT). The company said that it has already settled the dispute with the operational creditor, Jeena & Company — a custom agent responsible for providing custom clearance services.

NCLT’s Chandigarh bench had ordered insolvency proceedings in response to the plea made by Jeena regarding non-payment of dues worth Rs 57 lakh. On July 11, NCLT appointed an interim resolution professional despite company agreeing to pay the amount. Inox was one of the five companies which were awarded contracts to develop 1,050 MW of wind plants in the first tariff-based reverse auction for wind energy where tariffs touched a historic low of `3.46/unit. Its operational wind capacity as a developer was 300 MW as on March. It has an annual manufacturing capacity of 1,600 MW. The company told FE that its development and manufacturing businesses would continue as planned. “Inox Wind remains a solvent company in excellent financial health,” the company added.

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