NCLT clears Rs 2,775 crore Inox-Authum resolution plan for Wind World India
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by the consortium of Inox Neo Energies Limited and Authum Investment & Infrastructure Limited for Wind World (India) Limited (WWIL), paving the way for the acquisition of the company under the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016.
According to a regulatory filing by Inox Green Energy Services Limited, the company received the certified copy of the NCLT order on August 3, 2026. The approved plan has a total value of Rs. 2,775 crore and includes the acquisition of WWIL’s operation and maintenance (O&M) business by Inox Green.
Resolution plan
The consortium, led by Inox Neo Energies Limited, submitted its resolution plan on February 13, 2026. The Committee of Creditors (CoC) approved the revised plan with a 96.47% voting share during its 58th meeting held on May 26, 2026, following e-voting conducted between May 27 and May 29, 2026.
The approved plan provides for an upfront payment of Rs. 1,875 crore on or before the implementation date and a further Rs. 900 crore as restructured debt, payable within three months of the implementation date.
Under the distribution mechanism approved by the tribunal, secured financial creditors holding the first charge, with admitted claims of Rs. 38,21,33,17,071, will receive Rs. 27,42,00,00,000. Secured financial creditors holding a subservient charge, whose admitted claims total Rs. 4,11,43,13,826, will receive Rs. 4,00,00,000.
Workmen and employees, with admitted claims of Rs. 72,12,96,698, will receive Rs. 25,00,00,000, while operational creditors other than workmen, whose admitted claims stand at Rs. 3,79,14,28,167, will receive Rs. 1,00,00,000. The resolution plan also provides for payment in full of unpaid provident fund, pension, gratuity and employee state insurance dues outstanding as on the insolvency commencement date.
Transaction structure
The approved plan envisages Inox Neo Energies Limited, or its implementation entity, investing Rs. 1,525 crore in WWIL through subscription to equity and/or preference shares. Authum Investment & Infrastructure Limited will contribute Rs. 350 crore towards the acquisition of identified assets.
Upon implementation, the existing share capital of WWIL will be reduced, cancelled and extinguished, resulting in Inox becoming the sole shareholder of the company.
The approval concludes a lengthy resolution process. An earlier resolution plan had been rejected by the NCLT on August 24, 2022. After appeals were withdrawn, the tribunal, through its order dated November 7, 2025, excluded the period from November 20, 2018, to November 7, 2025, from the CIRP timeline and directed the resolution professional to restart the process from the invitation of Expression of Interest stage.
O&M acquisition
As part of the approved resolution plan, Inox Green Energy Services Limited has been identified as the implementation entity for acquiring WWIL’s O&M business through a slump sale on a going concern basis.
The acquisition will cover an O&M portfolio of around 4.5 GW of wind turbine operations across Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Madhya Pradesh, Rajasthan and Tamil Nadu.
The consideration for the transaction will be a lump sum cash payment of up to Rs. 550 crore, subject to agreed adjustments. The acquisition is expected to be completed within 60 days from the date of receipt of the certified copy of the NCLT approval order.
The provisional and unaudited turnover of the O&M business stood at Rs. 579.77 crore in FY 2025-26, Rs. 597.09 crore in FY 2024-25 and Rs. 499.59 crore in FY 2023-24.
The independent power producer (IPP) and power sale business, comprising an IPP portfolio of around 600 MW across eight states, will continue to remain with WWIL, in which Inox Neo Energies Limited will acquire a controlling stake.
However, the tribunal did not approve the proposed demerger and transfer of the IPP undertaking to Alvora Energy Private Limited. Instead, it granted liberty to undertake the transaction through the process prescribed under Sections 230-232 of the Companies Act, 2013.
Enercon dispute
The order also deals with objections raised by Enercon GmbH over its claims and technology rights.
The approved addendum updates Enercon GmbH’s admitted operational debt, clarifies that recoveries arising from the arbitral award will accrue to the benefit of WWIL, and states that the resolution plan neither creates nor recognises any proprietary or intellectual property rights beyond those available under applicable law, subject to the outcome of the proceedings pending before the Supreme Court.
It further clarifies that the plan does not affect Enercon GmbH’s independent shareholding in the subsidiaries or associate companies of WWIL.
The consortium has also undertaken that it will not use the technology that is the subject matter of the dispute until interim or final orders are passed by the Supreme Court in Special Leave Petition (Civil) No. 18147 of 2019.
NCLT directions
Reaffirming the “clean slate” principle under the IBC, the NCLT held that all claims not admitted or provided for under the approved resolution plan will stand extinguished.
At the same time, the tribunal clarified that it cannot grant blanket exemptions from statutory liabilities governed by laws such as the Income Tax Act, GST laws, the Foreign Exchange Management Act (FEMA) and environmental legislation. It directed statutory authorities to consider applications seeking reliefs or concessions in accordance with Section 238 of the IBC and the clean slate principle.
The tribunal also directed that an Implementation and Monitoring Committee comprising representatives of the assenting financial creditors, the successful resolution applicant and a monitoring agent, either the resolution professional or another person nominated by the successful resolution applicant, will oversee implementation of the resolution plan. The committee has been directed to submit monthly progress reports to the NCLT until the plan is fully implemented.
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