The NCLT's approval of Wind World India's ₹2,775-crore resolution plan reinforces the primacy of the Committee of Creditors' commercial wisdom, bringing an eight-year insolvency battle closer to resolution
04-08-2026In a significant judgment for India’s insolvency regime, the Ahmedabad Bench of the National Company Law Tribunal (NCLT) has approved the ₹2,775 crore resolution plan submitted by the Inox Neo Energies Limited–Authum Investment & Infrastructure Limited consortium for Wind World (India) Limited, bringing to a close an insolvency process that has remained under judicial scrutiny since 2018. NCLT Ahmedabad Approves ₹2,775 Crore Inox Neo-Authum Resolution Plan For Wind World India.pdf
The Bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma emphatically reiterated a cornerstone of the Insolvency and Bankruptcy Code:
The commercial wisdom of the Committee of Creditors (CoC) is paramount and cannot ordinarily be interfered with by the Adjudicating Authority, except to ensure compliance with Section 30(2) of the IBC and to address illegality or perversity. NCLT Ahmedabad Approves ₹2,775 Crore Inox Neo-Authum Resolution Plan For Wind World India.pdf
The matter witnessed appearances by some of the country’s leading insolvency and commercial lawyers:
* Senior Advocate Mihir Thakore, along with Advocate Neha Naik, appeared for the Resolution Professional, Mr. Ravi Sethia, who was also present in person.
* Senior Advocates Devang Nanavati and Megha Jani, along with Advocate Siddharth Sinha, appeared in the connected intervention proceedings on behalf of the Committee of Creditors. NCLT Ahmedabad Approves ₹2,775 Crore Inox Neo-Authum Resolution Plan For Wind World India.pdf
Wind World entered the Corporate Insolvency Resolution Process (CIRP) in February 2018 following proceedings initiated by IDBI Bank.
An earlier resolution plan approved in 2018 and revisited after the Supreme Court’s judgments in Vijay Kumar Jain and Essar Steel was ultimately rejected by the NCLT in 2022. Appeals before the NCLAT were later withdrawn, after which the Committee of Creditors decided to restart the entire resolution process, paving the way for fresh bids. NCLT Ahmedabad Approves ₹2,775 Crore Inox Neo-Authum Resolution Plan For Wind World India.pdf
The Tribunal had earlier refused to approve the original plan outright.
By its order dated 11 May 2026, it directed that Enercon GmbH’s admitted claim could not be reduced to a mere ₹1 notional value and required the successful resolution applicants to adequately protect rights relating to disputed technology that is presently the subject matter of proceedings before the Supreme Court. The revised plan and addendum were thereafter placed before the CoC and approved with an enhanced 96.47% voting share.
* Total value: ₹2,775 crore.
* ₹1,875 crore upfront.
* ₹900 crore as restructured debt payable within three months.
* ₹25 crore earmarked for workmen and employees, ensuring payment of provident fund, gratuity and ESI dues.
* ₹1 crore allocated for other operational creditors.
* Funding commitments of approximately ₹3,100 crore from domestic and global investors.
* ₹350 crore asset purchase by Authum.
* Following implementation and capital reduction, Inox Neo Energies will become the sole shareholder of Wind World (India) Limited.
* An Implementation and Monitoring Committee comprising representatives of financial creditors, the successful resolution applicants and the monitoring agent will oversee execution of the plan. NCLT Ahmedabad Approves ₹2,775 Crore Inox Neo-Authum Resolution Plan For Wind World India.pdf
The judgment is another powerful reaffirmation that the NCLT is not an appellate forum over the commercial decisions of lenders. Once the Committee of Creditors approves a resolution plan, judicial intervention remains narrowly confined to testing compliance with the Insolvency and Bankruptcy Code not re-evaluating the commercial merits of the deal itself. The Tribunal found no procedural infirmity, held the CIRP to be fully compliant with the IBC and approved the resolution plan under Section 31(1), making it binding on all stakeholders. NCLT Ahmedabad Approves ₹2,775 Crore Inox Neo-Authum Resolution Plan For Wind World India.pdf
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