Inox Wind today said National Company Law Appellate Tribunal(NCLAT) has released the company from the rigour of law and allowed it to function independently through its board of directors with immediate effect.
NCLAT has also directed National Company Law Tribunal (NCLT) to close the Corporate Insolvency Resolution Process (CIRP)initiated against the company, it said in a statement today.
"This has reference to the appeal filed by Inox Wind before NCLAT, praying that the CIRP initiated by National Company Law Tribunal (NCLT), Chandigarh Bench in the matter of Jeena & Co Vs Inox Wind, vide their orders dated July 5 and July 11, 2017 be set aside," it said.
The company had however informed BSE that it has already settled the dispute with Jeena & Company, an operational creditor.
The statement comes in the wake of news reports that claimed Inox Wind was on the road to insolvency after NCLT cleared the process on the plea of Jeena & Company over pending dues.
As per the company, its average revenue for the last three financial years, based on audited accounts, was Rs 3,525 crore, its earnings before interest, depreciation and taxes stood at Rs 627 crore and net profit was Rs 354 crore.
It has a net worth of Rs 2,190 crore and a cash balance (including liquid investments) of Rs 749 crore as of March 31, 2017.
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