Insolvency Guardian Media Centre
The National Company Law Tribunal (NCLT) on Friday issued a notice to Gensol Engineering, directing it to file a reply over the insolvency plea by the Indian Renewable Energy Development Agency, and listed the matter on June 3 for hearing.
IREDA’s plea came for hearing before a two-member Ahmedabad-based Bench of the insolvency tribunal NCLT.
The Bench, comprising Judicial Member Shammi Khan and Technical Member Sanjeev Kumar Sharma, has directed to list the matter on June 3 for the hearing.
During the proceedings, IREDA requested the bench to appoint an Interim Resolution Professional (IRP) to take charge of the company as the top leadership has exited, following the order passed by the market regulator SEBI. However, the…
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IREDA initiates insolvency proceedings against Gensol subsidiary
Separately, IREDA initiated insolvency proceedings on Friday against Gensol EV Lease Limited, a subsidiary of Gensol Engineering, over loan default of Rs 218.95 crore, a regulatory filing made by the PSU to the stock exchanges said. This is in addition to the Rs 510-crore loan default, for which an insolvency plea filed by IREDA has already been admitted by the NCLT, as mentioned above. “This is to inform you that the Company has filed an application under Section 7 of Insolvency and Bankruptcy Code, 2016 on May 15, 2025 against M/s Gensol EV Lease Limited which is a subsidiary of M/s Gensol Engineering Limited (Listed company) for an amount of default of Rs. 218.95 Crore…
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The National Company Law Tribunal (NCLT), Ahmedabad, on Friday issued a notice to Gensol Engineering, directing it to file a reply over the insolvency plea filed by public sector Indian Renewable Energy Development Agency (IREDA).
IREDA plea came before a two-member bench of the NCLT which posted it for hearing on June 3.
The bench refused the PSU’s request to appoint an Interim Resolution Professional (IRP) to take charge of the company as the top leadership had exited in the wake of the ban order passed by the market regulator Sebi.
IREDA filed the insolvency petition under Section 7 of Insolvency and Bankruptcy Code 2016 before NCLT against the company in respect of the defaults and…
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