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Informist, Monday, Jul. 27, 2026

 

--NCLT approves Inox Group-Authum's INR 27.75 bln IBC plan for Wind World

 

NEW DELHI – The Ahmedabad bench of the National Company Law Tribunal Monday approved the Inox Group and Authum Investment & Infrastructure Ltd.'s INR 27.75 billion resolution plan for debt-ridden Wind World (India) Ltd. The resolution plan provides for capital restructuring, including reduction and extinguishment of existing share capital of the debt-ridden company and infusion of fresh capital by the successful resolution applicant, the tribunal noted. Inox and its implementation entity would infuse INR 15.25 billion into Wind World in the form of subscription amounts to subscribe to equity shares and preference shares at face value and loan subscription consideration for subscription to debt instruments, the plan provided. 

 

The plan also provides for implementation of a proposed scheme of arrangement relating to transfer and vesting of the power producer and power sale undertaking of Wind World in favour of the implementing entity Alvora Energy Pvt. Ltd. If implementation of the scheme of arrangement requires compliance with the provisions of the Companies Act, 2013, the successful resolution applicant shall take appropriate steps in accordance with law, said the tribunal.

 

The tribunal noted that the resolution professional of Wind World has clarified that the resolution plan is not conditional in nature and the reliefs and concessions sought under the plan are not conditions precedent and do not affect the implementation. The dispute between Wind World and Enercon GmbH was duly disclosed in the information memorandum and all relevant documents were made available in the virtual data room, said the tribunal. The prospective resolution applicants were thus fully aware of the said litigation and had access to all material information necessary for evaluation, it said. Even the committee of creditors considered the litigation with Enercon GmbH while assessing feasibility and viability of the resolution plan, said the tribunal. No material suppression or non-disclosure is evident, it said. The resolution plan adequately provides for contingencies arising from the outcome of pending litigation, including by making the usage of intellectual property subject to judicial determination, it added.

 

The committee of creditors had earlier approved the resolution plan submitted by Inox Group and Authum Investment for Wind World. The acquisition was to be undertaken by Inox Clean Energy Ltd. through its subsidiary Inox Neo Energies and Inox Green Energy Services Ltd. Under the transaction, Inox Clean Energy, through Inox Neo Energies, will acquire Wind World India's operational wind power producing portfolio of approximately 600 megawatts. Inox Green Energy Services will acquire Wind World India's wind operations and maintenance business with a portfolio of nearly 4.5 gigawatts. Further, Authum Investment and its affiliates were to acquire certain identified real estate assets from Wind World. 

 

The tribunal admitted insolvency proceedings against Wind World on the basis of a plea by IDBI Bank. The bank had granted a working capital loan of INR 7.94 billion to Wind World. The debt-ridden company's 600-MW wind power capacity is spread across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh, and Andhra Pradesh. Its operations and maintenance portfolio services clients include the Tata group, ReNew, Greenko, Apraava Energy and Hindustan Zinc Ltd.  

 

On May 11, The tribunal sent back the resolution plan to the committee of creditors. The tribunal's order came on Enercon GmbH's plea seeking to include its claims and subsequent payment to the company in the Inox group and Authum Investment's resolution plan. The committee of creditors will carry out the necessary revisions to the submitted resolution plan, the tribunal had said. 

 

Monday, shares of Inox Green Energy Services ended 3.7% higher at INR 199.05 on the National Stock Exchange and those of Authum Investment and Infrastructure ended 3.9% higher at INR 551.70.  End 

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

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