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Accelerated resol

timelines
NCLT passed an order on July 5, clearing the way for
insolvency proceedings after a vendor Jeena & Co moved
• The insolvencyaWind
petition citing non-payment for services provided to Inox
commencement date
for clearance of import is July 5 while the
shipments. estimated
date for the closure on insolvency resolution process is January 1,
The tribunal also observed, that “except for a simple
2018. The company has asked its other creditors to submit proof if
denial in response sent by the respondent, there are no
their claims before July 25. which can be considered to say that
other circumstances
the corporate debtor has raised a dispute.”

The tribunal also said that there was no representat ..


Read more at:
Read more at:
http://economictimes.indiatimes.com/articleshow/59602129.cms?ut
http://economictimes.indiatimes.com/articleshow/5960212
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Even if the company is solvent, the creditor can initiate a
case on the ground of default,

http://www.moneycontrol.com/news/business/markets-
business/inox-wind-falling-orders-not-fears-of-insolvency-
should-worry-investors-2328739.html

http://www.moneycontrol.com/news/business/stocks-
business/inox-wind-tanks-7-despite-companys-clarification-on-
To put it in perspective, Jeena & Company, the creditor in
insolvency-and-jeena-case-2327249.html
question, filed a case against Inox at the National Company Law
Tribunal for dues outstanding of Rs 57 lakh. It is too small an
http://www.ibtimes.co.in/wind-ing-rs-57-lakh-dues-make-inox-
amount for Inox which is sitting on cash of close to Rs 750
wind-first-insolvency-case-wind-energy-734758
crore.

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.

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.