Yes i know about this.. read about it few months back.. it totally makes sense.. in fact a lot of research is centered on this topic not only in India..the concept of a static space-time have been disproved by many experiments and a lot of effort is being made to be able to define what space really is..
According to Quantum Field Theory there is no distinction between a particle and a wave.. what we perceive as physical objects are nothing but a result of a complex combination of various fields that permeate the universe..even space itself fulfills this criteria...
Since these field permeate the entire universe.. there is an tremendous amount of energy associated with it..
The main difference between Space vortex theory and the standard model ( the one which predicted the Higgs field) is that it describes the fundamental particles in terms of space itself.. the standard model also works in a similar way but there are subtle defining differences..
Overall i think its a beautiful concept but it needs to be treated with as much skepticism as any other theory until it is empirically proved..
here is an article i wrote which describes the nothingness of space in terms of tiny quantum fluctuations.. and how empty space is not really empty..