Indian green energy financier IREDA files bankruptcy petition against Gensol Engineering over a ₹510 crore loan default amid fund misuse allegations.
IREDA Files Bankruptcy Plea Against Gensol
In a formal application submitted on 14 May 2025, IREDA sought to initiate corporate insolvency resolution proceedings against Gensol Engineering under Section 7 of India’s Insolvency and Bankruptcy Code (IBC), which allows financial creditors to take action against defaulting borrowers.
In a formal application submitted on 14 May 2025, IREDA sought to initiate corporate insolvency resolution proceedings against Gensol Engineering under Section 7 of India’s Insolvency and Bankruptcy Code (IBC), which allows financial creditors to take action against defaulting borrowers.
According to IREDA’s exchange filing, the company has defaulted on dues amounting to ₹510.05 crore. The application has been made to the National Company Law Tribunal (NCLT), which will determine whether insolvency proceedings can move forward.
“The Company…
