NCLAT Judgement dated 28th July, 2017 setting aside orders of NCLT, Chandigrah Bench

New Delhi, July 31, 2017: This has reference to the appeal filed by Inox Wind Limited (IWL) before the National Company Law Appellate Tribunal (NCLAT), praying that the Corporate Insolvency Resolution Process (CIRP) initiated by the National Company Law Tribunal, Chandigarh Bench (NCLT/ Adjucating Authority) in the matter of M/s Jeena & Co. Vs. Inox Wind Limited, vide their orders dated 5th July, 2017 and 11th July, 2017, be set aside.

In this regard, we would like to inform you that the Hon’ble NCLAT on 28th July, 2017 set aside both the impugned order(s) dated 5th July, 2017 and 11th July, 2017 of the Hon’ble NCLT. In the result, the appointment of Interim Resolution Professional, order declaring moratorium, freezing of account and all other order passed by Adjudicating Authority pursuant to impugned order and action taken by the Interim Resolution Professional including the advertisement published in the newspaper calling for applications have been declared illegal and the Hon’ble NCLT have been directed to close the CIRP initiated against the Company. The Hon’ble NCLAT has released the Company from the rigour of law and allowed it to function independently through its Board of Directors with immediate effect.

ABOUT INOX WIND:

Inox Wind is India’s leading wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporates and Retail Investors. Inox Wind is a fully integrated player in the wind energy market with three state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh. The plant near Ahmedabad (Gujarat) manufactures Blades & Tubular Towers while Hubs & Nacelles are manufactured at the company’s facility at Una (Himachal Pradesh). The new integrated manufacturing facility at Barwani (Madhya Pradesh) manufactures blades, towers and will manufacture nacelles and hubs. The facility at M.P., which is amongst the largest in the world, has doubled Inox Wind’s manufacturing capacity to 1,600 MW per annum.

IWL manufactures key components of WTGs in-house to maintain high quality, most advanced technology, reliability and cost competitiveness. IWL has obtained ISO 9001:2008, ISO 14001:2004, OHSAS 18001 and ISO 3834 certifications for its management systems pertaining to manufacturing, installation, commissioning and O&M of wind turbines.

IWL offers complete end to end solutions from concept to commissioning. Besides manufacturing and supply of WTGs, IWL offers services including wind resource assessment, site acquisition, infrastructure development, erection and commissioning, and long term O&M of wind power projects.