The National Company Law Tribunal (NCLT) in Ahmedabad has admitted Gensol Engineering Limited (GEL) and its subsidiary, Gensol EV Lease (GEVL), into insolvency proceedings following a petition by the Indian Renewable Energy Development Agency (IREDA). The tribunal’s decision, delivered on June 13, comes after Gensol defaulted on loans amounting to ₹510 crore for GEL and ₹218.95 crore for GEVL. This development marks a significant turn for the renewable energy and electric vehicle company, which has faced mounting regulatory and financial challenges in recent months.
IREDA’s Insolvency Plea and Tribunal’s Order:
IREDA, a government-backed lender specializing in renewable energy projects, approached the NCLT seeking redress for…
