Indian Renewable Energy Development Agency Ltd. filed an insolvency petition against Gensol Engineering Ltd. before the National Company Law Tribunal (NCLT), Ahmedabad. Following this, the NCLT issued notices to Gensol and scheduled the hearing for June 3.
IREDA filed a petition against Gensol on May 14 under Section 7 of the Insolvency & Bankruptcy Code. It claimed a default of over ₹510 crore.
During Friday’s hearing, IREDA requested the NCLT to appoint an Interim Resolution Professional (IRP) for Gensol, citing SEBI’s interim order against the company.
According to IREDA, the company is clueless, moreover, directors have walked out post the SEBI order. Gensol has projects worth crores of rupees in the pipeline and somebody…
