IREDA initiates insolvency proceedings against Gensol subsidiary
Separately, IREDA initiated insolvency proceedings on Friday against Gensol EV Lease Limited, a subsidiary of Gensol Engineering, over loan default of Rs 218.95 crore, a regulatory filing made by the PSU to the stock exchanges said. This is in addition to the Rs 510-crore loan default, for which an insolvency plea filed by IREDA has already been admitted by the NCLT, as mentioned above. “This is to inform you that the Company has filed an application under Section 7 of Insolvency and Bankruptcy Code, 2016 on May 15, 2025 against M/s Gensol EV Lease Limited which is a subsidiary of M/s Gensol Engineering Limited (Listed company) for an amount of default of Rs. 218.95 Crore…
