Gensol Engineering Limited, once a rising star in India’s clean energy and electric vehicle (EV) space, now faces an insolvency petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition, filed on 14th May by one of the financial creditors – IREDA — for a default amounting to ₹510 crore. This adds to the company’s mounting troubles amid allegations of financial fraud and regulatory violations.
The latest development was disclosed in a regulatory filing, wherein the petitioner urged the stock exchanges to take note under Regulation 30 read with Schedule III of SEBI’s (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This insolvency filing comes against the…
