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Rs 57 lakh non-payment case: NCLAT quashes Inox Wind insolvency proceedings

According to reports, the National Company Law Appellate Tribunal (NCLAT) has directed NCLT Chandigarh bench to close insolvency proceedings against Inox Wind. “In the result, appointment of Interim Resolution Professional, order declaring moratorium, freezing of account and all other order passed” have been declared illegal, the company said in a stock exchange filing on Thursday.

NCLT’s Chandigarh bench had ordered to initiate insolvency proceedings in response to the plea made by Jeena regarding non-payment of dues worth Rs 57 lakh. On July 11, NCLT appointed an interim resolution professional despite company agreeing to pay the amount. Inox Wind had said it has already settled the dispute with the operational creditor, Jeena & Company — a custom agent responsible for providing custom clearance services.

Inox Wind is the third-largest wind turbine manufacturer in the country. NCLT names IRP in Amtek Auto case. The NCLT Chandigarh bench has appointed Dinkar Tiruvannadapuram Venkatsubramanian as the interim resolution professional (IRP) in the Amtek Auto case.  Public sector lender Corporation Bank had filed insolvency petitions, under Section 7 of the Insolvency and Bankruptcy Code, before the tribunal which admitted the plea on July 24. “The term of appointment… shall be for a period of 30 days from the date of his appointment as IRP or as may be determined by the committee of creditors whichever is earlier,” the court ordered.

With this appointment, the powers of the company’s board stands suspended and the management of affairs shall vest with him, as per the Code. Amtek Auto defaulted on repaying `824 crore loans granted by Corporation Bank. It reported a net loss of `1,624 crore in 2016-17 on the back of `1,950 crore in revenues. Other companies to be admitted to the NCLT include Jyoti Structures, Monnet Ispat, Alok Industries, Era Infra, Bhushan Steel, Bhushan Power & Steel and Electrosteel Steels. These are among the 12 companies identified by the Reserve Bank of India (RBI) in which banks have an exposure of more than Rs 5,000 crore and more than 60 per cent of which has been recognised as NPAs.

The RBI, had on June 13, had asked banks to refer these dozen troubled companies – with a combined debt of close to Rs 2.4 lakh crore — to the National Company Law Tribunal (NCLT), following several failed attempts at loan recovery.

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