IREDA initiates insolvency proceedings against Gensol subsidiary Separately, IREDA initiated insolvency proceedings on Friday against Gensol EV Lease Limited, a subsidiary of Gensol Engineering, over loan default of Rs 218.95 crore, a regulatory filing made by the PSU to the stock exchanges said. This is in addition to the Rs 510-crore loan default, for which…
The National Company Law Tribunal (NCLT), Ahmedabad, on Friday issued a notice to Gensol Engineering, directing it to file a reply over the insolvency plea filed by public sector Indian Renewable Energy Development Agency (IREDA). IREDA plea came before a two-member bench of the NCLT which posted it for hearing on June 3. The bench…
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Telecom operator Vodafone Idea Limited (short VIL, commonly called Vi)informed the Department of Telecommunications (DoT) that it will not be able to continue operations beyond FY26 without government support on adjusted gross revenue (AGR) dues. The company said that ongoing discussions with banks for funding would stall in the absence of timely assistance. In a…
Two days after state-owned renewable energy NBFC Ireda filed an insolvency plea against Gensol Engineering over ₹510 crore default, the company has filed another insolvency application against Gensol EV Lease Ltd, a Gensol Engineering subsidiary, for the default of ₹218.95 crore. “The company has filed an application under Section 7 of the Insolvency and Bankruptcy…
Gensol Engineering Limited borrowed Rs 977.75 crore from IREDA and Power Finance Corporation (PFC), of which Rs 663.89 crore was allocated for purchasing electric vehicles for BluSmart. However, the company acquired only 4,704 vehicles against the sanctioned commitment of 6,400 EVs when accepting the loan, leaving up to Rs 262.13 crore unaccounted for, according to an interim…
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MediPharm is Dangerously Low On Cash and is On Track to Run Out of Money by November Unless Wholesale Change Occurs MediPharm Lost Over $3.3 Million in Q1 2025 While Management Offered No Clear Plan to Achieve Profitability or Commitment to Reduce Waste or Excessive Spending Apollo Capital Warns Shareholders Not to Be Misled by…
Last Updated:May 16, 2025, 17:14 IST Vodafone Idea has said it may be compelled to approach the National Company Law Tribunal (NCLT) for insolvency proceedings if additional help is not extended, says a report. Vodafone Idea also flagged the potential risk to the government’s 49% equity stake in the company. (Reuters File Image) Struggling telecom…