The ongoing insolvency heat has caught on in the renewable energy space with Inox Wind being put under the corporate insolvency resolution process. In a rare instance, a Customs agent, Jeena & Company, has dragged Inox to the National Company Law Tribunal (NCLT) over non-payment of dues 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
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