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NCLT admits insolvency petition against Gensol
Financial Express Chennai
|June 14, 2025
Debt Recovery
The National Company Law Tribunal (NCLT) on Friday admitted a corporate insolvency plea by the state-run Indian Renewable Energy Development Agency (Ireda) against Gensol Engineering and Gensol EV Lease for a loan default of ₹510 crore.
Now, an interim resolution professional (IRP) will take control over the management of Gensol Engineering (GEL) and establish a committee of creditors (CoC) to evaluate resolution plans. It is said that if no resolution plan is approved within 180 to 330 days, the company will be liquidated.
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