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

LiveMint logoLiveMint 15-07-2017 Gireesh Chandra Prasad

New Delhi: 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.

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