The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Friday admitted a corporate insolvency plea against Gensol Engineering Ltd (GEL) and Gensol EV Lease (GEVL), which was filed by the Indian Renewable Energy Development Agency (Ireda) for a loan default of Rs 510 crore.
The bench of Judicial Member Shammi Khan and Technical Member Sanjeev Kumar passed the order under Section 7 of the Insolvency and Bankruptcy (IBC) code, following which an interim resolution professional (IRP) will take control over GEL’s management and establish a committee of creditors (CoC) to evaluate resolution plans. It is said that if no resolution plan is approved within 180 to 330 days, the company will be liquidated. A copy of the order is…
