Power News We love to talk!
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.
- Vadodara to host international conference on solar cookers later this month Read more
- Non-OECD consumers should act together: IEA Read more
- Reliance Green Power divests stake in RPL Aditya Power Read more
- Power cuts back in suburbs, Thane, Navi Mumbai Read more
- Welspun Renewables commissions 52 MW solar plant in Maharashtra Read more
- Indian companies may go green to meet power needs by 2020 Read more
- Adani may buy L&T's Punjab power plant Read more
- Rajasthan lags behind neighbouring states in solar power projects Read more
- India saved 55.7 million units of energy through UJALA Read more
- TATA, Adani among prospective bidders Read more