The National Company Law Tribunal (NCLT), Ahmedabad Bench, has admitted an insolvency petition against Gensol Engineering Limited filed by state-owned lender Indian Renewable Energy Development Agency Limited (IREDA). The petition cites a massive default of ₹510.10 Crore on loan facilities extended for various solar and electric vehicle (EV) projects.
Key Findings of the Tribunal
- Proven Debt & Default: The NCLT Bench, comprising Member (Judicial) Shammi Khan and Member (Technical) Sanjeev Kumar Sharma, concluded that IREDA successfully established the existence of a “financial debt” and a clear “default” by Gensol under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The default amount far…
