The Indian Renewable Energy Development Agency (Ireda) has initiated legal action under Section 7 of the Insolvency and Bankruptcy Code against Gensol Engineering due to the company’s failure to repay a loan of Rs 510 crore. This was disclosed in a stock exchange announcement on Wednesday.

If the National Company Law Tribunal accept the insolvency petition, it is anticipated that all of Gensol’s creditors will need to submit their claims to the resolution professional appointed by the court, and the company’s equity value may potentially be lost.

On Wednesday, Gensol Engineering shares rose by 5 percent to reach Rs 60 each.  Market cap of the firm stood at Rs 228.55 crore. 

The company is also under the scrutiny of various…

While some markets, including Australia, Singapore, and Japan, may see a moderation in insolvencies in 2025, other economies – such as Taiwan (8%), South Korea (3%), and Hong Kong (2%) – are expected to continue experiencing increases, primarily due to subdued trade demand and prolonged financial pressures.

Ever wondered why some businesses get off the ground easily, moving from start-up to thriving within a couple of years – while others fail? Business insolvencies surged in 2024, rising 28.6% over the year before, with the construction, transportation, warehousing and hospitality sectors experiencing the biggest increase. In a mid-year study conducted by the Canadian Association of Insolvency and Restructuring Professionals, 386 Canadian businesses filed for insolvency each day in the second…

Gensol Engineering Limited, once a rising star in India’s clean energy and electric vehicle (EV) space, now faces an insolvency petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition, filed on 14^th May by one of the financial creditors – IREDA — for a default amounting to ₹510 crore. This adds to the company’s mounting troubles amid allegations of financial fraud and regulatory violations.

The latest development was disclosed in a regulatory filing, wherein the petitioner urged the stock exchanges to take note under Regulation 30 read with Schedule III of SEBI’s (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This insolvency filing comes against the…

New Delhi, May 12 (PTI) The National Company Law Appellate Tribunal (NCLAT) has dismissed an insolvency petition against PepsiCo India Holdings after observing that provisions of IBC cannot be turned into a debt-recovery proceeding.
     The appellate insolvency tribunal has upheld the earlier order passed by the Chandigarh bench of the National Company Law Tribunal (NCLT), which had rejected SNJ Synthetics’s plea.
     “The adjudicating authority (NCLT) has not committed any infirmity in not allowing the CIRP of the corporate debtor (PepsiCo) to be initiated solely on the basis of the claim of the contested and unsubstantiated interest component,” said a three-member NCLAT bench.
     The NCLAT held that SNJ’s insolvency…