Indian Renewable Energy Development Agency (Ireda), a government-owned financial agency, has filed for insolvency against Gensol Engineering |
New Delhi: Indian Renewable Energy Development Agency (Ireda), a government-owned financial agency, has filed for insolvency against Gensol Engineering. This step comes after Gensol failed to repay a loan of ₹510 crore. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code and was disclosed in a stock exchange filing on Wednesday.
If the National Company Law Tribunal (NCLT) accepts this insolvency plea, a court-appointed professional will take over the debt resolution process. All lenders can then register their…
