NCLAT dismisses plea to initiate insolvency proceedings against Inox Wind
The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea to initiate insolvency proceedings against Inox Wind by an operational creditor of the company.
A three-member bench of the insolvency appellate tribunal also upheld the orders of the Chandigarh Bench of the National Company Law Tribunal (NCLT), which on May 22, 2023, rejected the plea of GRI Towers India.
While dismissing the plea, the NCLAT again said that the Insolvency & Bankruptcy Code (IBC) are “not proceedings for recovery of contractual dues”.
