INOX Wind moves appellate tribunal against NCLT order

Inox Wind Ltd (IWL) on Saturday said it has moved the National Company Law Appellate Tribunal, seeking quashing of insolvency resolution proceedings ordered by the NCLT on a plea of one of its creditors.

The company in a filing to the BSE said that it has already settled the dispute with the operational creditor, Jeena & Company.

The statement comes in the wake of news reports that claimed Inox Wind Ltd (IWL) was on road to insolvency after the Chandigarh bench of NCLT cleared the process on the plea of Jeena & Company over pending dues.

"This has reference to certain news articles published in various publications claiming that Inox Wind Ltd (IWL) is 'headed for insolvency' after the National Company Law Tribunal's Chandigarh bench (NCLT) ordered commencement of the process in response to the plea made by Jeena & Company, an operational creditor," the company said in a filing to BSE.

"In this connection, we would like to clarify that IWL has preferred an appeal before the National Company Law Appellate Tribunal (NCLAT), praying that the said proceedings be quashed," it said.

The matter has been listed for hearing on July 17, 2017.

Further, IWL has already settled the dispute with the operational creditor, Jeena & Company.

"It is also important to mention that fundamentally, IWL remains a solvent company in excellent financial health," it said.

Its average revenue for the last three financial years, based on audited accounts, was Rs 3,525 crore, its earnings before interest, depreciation and taxes Rs 627 crore and net profit was Rs 354 crore.

It has a net worth of Rs 2,190 crore as of March 31, 2017 and the company has a cash balance (including liquid investments) as of that date of Rs 749 crore.

The company has been regular in servicing all its commitments to its lenders.