An Indian court has dropped legal action against Inox Wind in relation to a dispute with a creditor.
Inox said a corporate insolvency resolution process initiated by the National Company Law Tribunal’s Chandigarh bench had been closed on appeal.
The wind developer said earlier this month that the dispute with the creditor – Jeena & Company – had been resolved and so it had appealed to the National Company Law Appellate Tribunal to drop the proceedings.
Inox had issued a statement in July to reassure investors that it remained solvent and in “excellent financial health” following news articles about the case.
Image: Inox
Inox wins court appeal
Corporate insolvency resolution process against Indian developer dropped
By EBS