The National Company Law Tribunal (NCLT) admitted Gensol Engineering Ltd. and its arm Gensol EV Lease Ltd for insolvency resolution following separate petitions filed by Indian Renewable Energy Development Agency Ltd. (IREDA).
However, NCLT appointed an alternative interim resolution professional (IRP) for both the companies, while rejecting the name proposed by IREDA.
On May 14, State-run IREDA had filed an application under Section 7 of Insolvency and Bankruptcy Code, 2016 against Gensol Engineering claiming a default of over ₹510 crore.
IREDA had filed a separate plea against Gensol EV Lease claiming a default of ₹218.95 crore.
IREDA had also initiated proceedings before the Debt Recovery Tribunal against both the…
