SUMMARY
NCLT Ahmedabad bench has admitted an insolvency plea filed by IREDA against Gensol Engineering over a INR 510 Cr default
The tribunal reserved its judgment on IREDA’s plea, stating that Gensol had not raised any defence disputing the existence of the debt
IREDA approached the Delhi debt recovery tribunal last month to recover a default amount of INR 729 Cr
The National Company Law Tribunal’s Ahmedabad bench has reportedly admitted Gensol Engineering Limited into corporate insolvency proceedings on a plea filed by Indian Renewable Development Agency (IREDA), which cited a loan default of INR 510 Cr.
“The insolvency plea is admitted. However we are not appointing the RP (resolution professional)…
