The National Company Law Tribunal (NCLT) has ordered the commencement of insolvency proceedings against Gensol Engineering Ltd and its group company Gensol EV Lease, following petitions filed by the Indian Renewable Energy Development Agency (IREDA), PTI reports.
In its order issued on Friday, the Ahmedabad bench of the NCLT admitted the petitions and appointed interim resolution professionals (IRPs) for both financially distressed companies. The tribunal also suspended the existing boards of directors of the two firms.
In the case of Gensol Engineering, the tribunal stated…
