Indian Renewable Energy Development Agency Ltd. on Wednesday filed a bankruptcy application against Gensol Engineering Ltd. for a default of Rs 510 crore.
The public sector green energy financier filed the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, according to a stock exchange filing.
Section 7 of the IBC outlines the process for initiating the corporate insolvency resolution process (CIRP) against a corporate debtor by a financial creditor. A financial creditor can initiate the CIRP by filing an application with the National Company Law Tribunal when a default has occurred.
(This is a developing story)
