Trending Mid Cap Stock: Inox Wind stock price down by 5% due to insolvency proceedings news
DSIJ Intelligence / 17 Jul 2017
Jeena & Company had made a plea to the court against which the National Company Law Tribunal (NCLT) of Chandigarh bench ordered for commencement of insolvency process of Inox Wind Ltd.
Last week, Jeena & Company had made a plea to the court against which the National Company Law Tribunal (NCLT) of Chandigarh bench ordered for commencement of insolvency process of Inox Wind Ltd.
The plea was regarding non-payment of dues worth Rs 57 lakh payable by the company to Jeena & Company, its operational creditor.
As per the clarification provided by the company, Inox Wind has settled the dispute with the said creditor and has paid the amount due to the creditor. It has also claimed that the company is in excellent financial health and has been regular in paying off its debts to all its creditors.
Inox Wind has made an appeal to NCLAT to squash the proceedings. The hearing on the matter is scheduled for today, i.e., 17th July 2017.
The stock price opened low today at Rs 149.85, showing fall of 5.6 percent from its previous close of Rs 158.25.
Inox Wind is the third largest wind turbine manufacturer in India. It is one of the five companies which has bagged a contract to develop 1050 MW of wind plants in the first tariff-based reverse auction scheme.