MUMBAI: Wind power solutions company Inox Wind is headed for insolvency after the National Company Law Tribunals (NCLT) Chandigarh bench ordered the commencement of the process in response to an operational creditors plea, in the first such case in the renewable energy sector.
The company has been facing tough times, reflecting the dichotomy in the renewable energy sector where capacity is growing driven by the governments solar energy push, but where wind energy players are forced to compete with the sharply lower tariffs quoted by the solar power sector.
In May, the management of Inox Wind had told equity analysts that a substantial part of its order book will turn insignificant as the sector moves from feed-in tariff-based system …
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