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NCLT Ahmedabad bench has admitted an insolvency plea filed by IREDA against Gensol Engineering over a INR 510 Cr default
The tribunal reserved its judgment on IREDA’s plea, stating that Gensol had not raised any defence disputing the existence of the debt
IREDA approached the Delhi debt recovery tribunal last month to recover a default amount of INR 729 Cr
The National Company Law Tribunal’s Ahmedabad bench has reportedly admitted Gensol Engineering Limited into corporate insolvency proceedings on a plea filed by Indian Renewable Development Agency (IREDA), which cited a loan default of INR 510 Cr.
“The insolvency plea is admitted. However we are not appointing the RP (resolution professional)…
June 13 – Botev Plovdiv has said it may be forced to declare bankruptcy in the near future as a result of the complicated financial situation it has been left in with the club’s owner Anton Zingarevich’s ten-year ban on residence in Bulgaria.
For nearly a year, the club has had difficulty paying the salaries of its players and coaches and has been accumulating new debts. At the end of the season many players, including coach Dushan Kerkez, left the club.
The club has now published its debtors list and announced three options for keeping it operational. Botev did not rule out the possibility of the club being declared bankrupt.
The options were agreed in a telephone conversation between the club’s management and…
Former England star Trevor Sinclair has been made bankrupt after ‘burying his head in the sand’ over a £36,000 tax debt.
The winger, who played for QPR, West Ham and Man City, won 12 England caps during his lucrative football career before becoming a commentator on TV and radio.
But he was yesterday made bankrupt by HMRC after failing to pay taxes and penalties totalling £36,424 in relation to his pundit work.
The 52-year-old had previously been given extra time to come up with the money or alternative proposals to pay, but didn’t turn up at court and was declared bankrupt.
Judge Caroline Wilkinson said HMRC had received no contact from the former star and concluded that he was ‘unable to pay his debts as they fall due.’
Stock Market Today: Gensol Engineering share price slipped and hit lower circuit on Friday on news flow pertaining to NCLT admitting IREDA’s plea for insolvency in ₹510 crore default. Check details
IREDA’s action against Gensol Engineering
On the basis of a plea submitted by the state-run Indian Renewable Energy Development Agency Ltd or IREDA, which mentioned credit defaults totaling ₹510 crore, the Ahmedabad bench of the National Company Law Tribunal as per news reports has admitted IREDA’s plea for corporate insolvency proceeding against Gensol Engineering Ltd.
The news reports also suggest that the tribunal has also directed for the appointment of interim resolution professional (IRP) to take over the management and operations of…
1.21 million subscribers, some concerns about prolonged labor union resistance… Authorities “Promoted to the original plan”
MG Insurance. [Photo source = Yonhap News]
While MG Insurance has actually gone through the liquidation process and contracts are transferred to five insurance companies, opposition is growing as the MG Insurance union recently held a resolution meeting in front of the presidential office. MG Insurance’s labor union opposed the establishment of a bridging insurance company where the contract transfer will take place and took collective action. In the face of growing anxiety among some subscribers of MG Insurance, the financial authorities are…
The Ahmedabad bench of the National Company Law Tribunal, has admitted the insolvency plea filed by Indian Renewable Energy Development Agency’s (IREDA) insolvency plea against Gensol Engineering, on Friday, June 13.
The NCLT has directed for initiation of insolvency proceedings against the company.
The tribunal has also directed for the appointment of interim resolution professional (IRP) to take over the management and operations of Gensol Engineering.
In April, IREDA had initiated an internal review with regards to its exposure to Gensol Engineering and the issues surrounding its promoters and associate companies.
The company filed a complaint with the Economic Offences Wing (EoW) against Gensol over falsified documentation,…
![MG Insurance. [Photo source = Yonhap News]](https://wimg.mk.co.kr/news/cms/202506/13/news-p.v1.20250613.19730cc1bd6541ec9350262887d8b00d_P1.jpg)