BENGALURU: The National Company Law Tribunal (NCLT), Ahmedabad has admitted two separate insolvency petitions filed by Indian Renewable Energy Development Agency (Ireda) against Gensol Engineering (GEL) and its subsidiary Gensol EV Lease (GEVL), initiating corporate insolvency resolution processes (CIRP) against both companies.In the case of Gensol Engineering, the tribunal admitted Ireda’s petition for defaulted dues amounting to Rs 510.10 crore. The defaults stemmed from term loan facilities extended by Ireda for various projects undertaken by GEL. The tribunal held that Ireda had demonstrated the existence of financial debt and default under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016.Separately, the tribunal…
