The ongoing insolvency heat has caught on the renewable energy space with Inox Wind being put under corporate insolvency resolution process. In a rare instance, a customs agent, Jeena & Company, has dragged Inox to National Company Law Tribunal (NCLT) over non-payment of invoices totalling Rs 57 lakh.
At the same time, Inox Wind has laid off close to 400 employees at its manufacturing unit. A former employee said Inox Wind was yet to clear his final settlement, which was pending for over four months. “The company has no cash flow whatsoever. It is not even able to fulfil its current orders,” he said.
Deepak Asher, director and group head, corporate finance, Gujarat Fluorochemicals Ltd (GFL), told …
Read the full article at: http://www.business-standard.com/article/companies/inox-wind-faces-insolvency-proceedings-over-non-payment-of-rs-57-lakh-bill-117071401458_1.html