NCLAT's Inox Wind order a precedent

Tribunal declares insolvency proceedings against corporate debtor Inox Wind 'illegal'

The National Company Law Appellate Tribunal (NCLAT) has declared that the insolvency proceedings against Inox Wind may be stopped, marking the second example in the last one week to prove that resolution among disputing parties can help reversing the insolvency process.

According to the order, the insolvency proceedings against Inox Wind, the corporate debtor, has been declared “illegal” by the appellate tribunal.
 

The order reads, “The appointment of Interim Resolution Professional, order declaring moratorium, freezing of account and all other orders passed by Adjudicating Authority pursuant to impugned order and action taken by the Interim Resolution Professional including