The National Company Law Tribunal on Friday directed to initiate insolvency proceedings against Gensol Engineering and Gensol EV Lease after admitting the petitions filed by the Indian Renewable Energy Development Agency.
The Ahmedabad bench of the insolvency tribunal appointed interim resolution professionals for both debt-ridden companies after suspending their respective boards.
In the matter of Gensol Engineering, a two-member NCLT bench said Indian Renewable Energy Development Agency (IREDA) has established a financial debt of Rs 510 crore by the company through ledger extracts, TRA statements, demand notices, and NeSL records.
“The Respondent/Corporate Debtor Gensol Engineering Ltd is admitted in the Corporate Insolvency Resolution…
