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The National Company Law Tribunal (NCLT) admitted Gensol Engineering Ltd. and its arm Gensol EV Lease Ltd for insolvency resolution following separate petitions
The National Company Law Tribunal (NCLT), Ahmedabad Bench, has admitted an insolvency petition against Gensol Engineering Limited filed by state-owned lender Indian Renewable
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…
Bruno Mars must’ve stopped making residuals from “24K Magic,” because rumors are swirling that the artist is in serious debt. Mars, whose real name is Peter Gene Hernandez, addressed the speculations around his financial blunder in an Instagram Story in…
In its order issued on Friday, the Ahmedabad bench of the NCLT admitted the petitions and appointed interim resolution professionals (IRPs) for both financially distressed companies. The tribunal also suspended the existing boards of directors of the two firms.
In the case of Gensol Engineering, the tribunal stated…
In its order issued on Friday, the Ahmedabad bench of the NCLT admitted the petitions and appointed interim resolution professionals (IRPs) for both financially distressed companies. The tribunal also suspended the existing boards of directors of the two firms.
In the case of Gensol Engineering, the tribunal stated…
Gensol Engineering, Gensol EV to face insolvency proceedings; know what NCLT said (Pic: Shutterstock/ ET NOW)
The order came after NCLT admitted the petitions filed by the Indian Renewable Energy Development Agency ( IREDA ).
The Ahmedabad bench of NCLT also appointed interim resolution professionals for both debt-ridden companies after suspending their respective boards.
IREDA-Gensol Insolvency
In the matter of Gensol Engineering, a two-member NCLT bench said IREDA has established a financial debt of Rs 510 crore by the company through ledger extracts, TRA statements, demand notices and NeSL records.
“The Respondent/Corporate Debtor Gensol Engineering Ltd is admitted in the Corporate Insolvency Resolution…
In a significant development in the corporate insolvency proceedings of Jagatjit Cotton Textile Mills (JCT) Ltd, Insolvency professional Hasti Mal Kachhara officially assumed charge of the company’s affairs on Friday at its Phagwara premises.
Appointed by the National Company Law Tribunal (NCLT), Mr. Kachhara arrived with his resolution team, marking the formal start of efforts to revive or restructure the financially troubled textile manufacturer.
This takeover follows a National Company Law Tribunal (NCLT) ruling dismissing multiple applications from the previous management due to continued defaults and non-compliance with tribunal directives. With this legal clearance, the insolvency resolution process under the…
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…
