The National Company Law Tribunal (NCLT) in Ahmedabad has initiated corporate insolvency resolution processes (CIRP) for Gensol Engineering Limited (GEL) and its subsidiary, Gensol EV Lease (GEVL), following petitions filed by the Indian Renewable Energy Development Agency (Ireda). The tribunal admitted the petitions due to significant outstanding dues, amounting to over ₹729 crore combined. This development comes amid allegations of financial misconduct involving the company’s promoters, raising concerns about the management of funds and corporate governance.
Insolvency Proceedings Against Gensol Engineering
The NCLT has accepted Ireda’s petition against Gensol Engineering for defaulting on dues totaling ₹510.10 crore….
