The Indian Renewable Energy Development Agency Ltd (IREDA) has filed an insolvency application against Gensol Engineering Ltd, citing a default of ₹510 crore.
The state-owned green energy financier submitted the application on Wednesday under Section 7 of the Insolvency and Bankruptcy Code, 2016, according to a stock exchange filing.
Section 7 of the IBC empowers financial creditors to initiate the Corporate Insolvency Resolution Process (CIRP) against a company that has defaulted. This process begins with an application to the National Company Law Tribunal (NCLT) once a default is established.
Shares of Gensol Engineering Ltd remained locked in the lower circuit for the 18th consecutive session on Tuesday, May 13, falling another 5%…
