Power News We love to talk!

JUL 17 2017

Inox Wind says payments dispute with Jeena and Co settled, wants NCLT case quashed

  • Economic Times, ET Bureau / Hyderabad
  • Created: Mon 17th JUL 2017

 

Inox Wind Ltd on Friday said it has settled a payments dispute with Jeena and Co., a freight company that had filed a case against the wind energy firm with the Chandigarh bench of the National Company Law Tribunal (NCLT) for bankruptcy proceedings.

Inox Wind informed stock exchanges late on Friday night it has approached the National Company Law Appellate Tribunal (NCLAT) pleading that the bankruptcy proceedings initiated be quashed.

The dispute with Jeena and Co. has been settled, it said in the exchange filing as well as in email response to Mint on Saturday. Inox Wind’s plea has been listed for hearing at NCLAT on Monday, the company said in its notice to the exchanges.

“It is also important to mention that fundamentally, Inox Wind Ltd remains a solvent company in excellent financial health. Its average revenues for the last three financial years, based on audited accounts, were Rs3,525 crore, its earnings before interest, depreciation and taxes Rs627 crore, and its net profit Rs354 crore,” Inox said. It added that net worth as of 31 March 2017 was Rs2,190 crore and that it has a cash balance of Rs749 crore as on the same date.

“The company has been regular in servicing all its commitments to its lenders,” Inox Wind added.

 

Tags

Chandigarh Wind Energy INOX Air Products Ltd

Related News

  • 70 solar-powered pump sets established in Sivaganga district  Read more
  • Suzlon to sell $650 mn overseas bonds as part of CDR  Read more
  • CIL signs MoU with EESL for energy efficiency projects  Read more
  • Coal ministry blow to Odisha's demand for coal blocks  Read more
  • Rooftop solar to become norm by 2040: NitiAayog  Read more
  • Adani Green Energy defers its polysilicon manufacture plans  Read more
  • Japans JERA acquires 10% stake in ReNew Power for $200 million  Read more
  • Raman Singh woos US investors to Chhattisgarh for solar energy, IT, defence sectors  Read more
  • SunEdison scoops up Continuums Wind in biggest clean energy buyout  Read more
  • Ratification of climate accord to bring more focus on India's renewable sector: Bridge to India  Read more