The Indian Renewable Energy Development Agency (Ireda) has initiated legal action under Section 7 of the Insolvency and Bankruptcy Code against Gensol Engineering due to the company’s failure to repay a loan of Rs 510 crore. This was disclosed in a stock exchange announcement on Wednesday. If the National Company Law Tribunal accept the insolvency…
Gensol Engineering Limited, once a rising star in India’s clean energy and electric vehicle (EV) space, now faces an insolvency petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition, filed on 14th May by one of the financial creditors – IREDA — for a default amounting to ₹510 crore.…
Ireda Initiates Insolvency Proceedings Against Gensol Engineering BW Businessworld Read the original article here
MUMBAI: Indian Renewable Energy Development Agency on Wednesday filed an insolvency plea against troubled Gensol Engineering over a default of Rs 510 crore, the power financier said in an exchange filing.The application was filed under section 7 of theInsolvency and Bankruptcy Code.Troubles at Gensol unfolded after a Sebi probe revealed in April that the company’s…
The Indian Renewable Energy Development Agency (IREDA) has moved the National Company Law Tribunal (NCLT) against Gensol Engineering Ltd, seeking insolvency proceedings over a Rs 510 crore loan default, according to a regulatory filing made to the Bombay Stock Exchange (BSE) on Tuesday. As per the filing, IREDA has filed the application under Section 7…
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…
Insolvency-related activity and business start-up rates fall in Yorkshire and Humber thestar.co.uk Read the original article here
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…
