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Debt crisis: Developing countries’ external debt hits record $11.4 trillion

Soaring interest payments are squeezing budgets, forcing governments to choose between repaying creditors and funding essential services. https://datawrapper.dwcdn.net/zQqap/full.png” alt=””> Developing countries are sinking deeper into a debt-driven development crisis. Their external debt – money owed to foreign creditors – has quadrupled in two decades to a record $11.4 trillion in 2023, equivalent to 99% of…

Gensol Group Encounters Insolvency Challenges Due to Ireda Obligations

The National Company Law Tribunal (NCLT) in Ahmedabad has initiated corporate insolvency resolution processes (CIRP) for Gensol Engineering Limited (GEL) and its subsidiary, Gensol EV Lease (GEVL), following petitions filed by the Indian Renewable Energy Development Agency (Ireda). The tribunal admitted the petitions due to significant outstanding dues, amounting to over ₹729 crore combined. This…

NCLT Ahmedabad Admits Gensol Into Insolvency on IREDA’s Plea

The National Company Law Tribunal (NCLT) in Ahmedabad has admitted Gensol Engineering Limited (GEL) and its subsidiary, Gensol EV Lease (GEVL), into insolvency proceedings following a petition by the Indian Renewable Energy Development Agency (IREDA). The tribunal’s decision, delivered on June 13, comes after Gensol defaulted on loans amounting to ₹510 crore for GEL and…