The Indian Renewable Energy Development Agency has filed an insolvency plea against Gensol Engineering for defaulting on a Rs 510 crore payment. The development came weeks after SEBI banned the company and its promoters — Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities markets till further orders in a fund diversion and…
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State-owned Indian Renewable Energy Development Agency (Ireda) has filed an application seeking insolvency proceedings against embattled Gensol Engineering over a default of ₹510 crore, an exchange filing by Ireda shows. The Ireda’s plea has been filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). “With respect to M/s Gensol Engineering Limited, this is…
IREDA had earlier complained to the Economic Offences Wing (EOW) in late April over alleged falsified documents and Gensol’s dilution of promoter holding without its approval. IREDA has then said that while Gensol’s account is currently under stress, it is not classified as a non-performing asset yet. Gensol has recently been hit by multiple other…
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The Supreme Court’s unprecedented move to scrap JSW Steel’s ₹19,700-crore resolution plan for Bhushan Power & Steel Ltd (BPSL) and order its liquidation has shifted the burden back onto the already-understaffed National Company Law Tribunal (NCLT), which must now hear the case again. Understaffing at the National Company Law Tribunal (NCLT) emerged as a key…
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Affimed shares to be delisted from Nasdaq after insolvency filing By Investing.com Investing.com India Read the original article here