Gensol Engineering admitted to insolvency by NCLT on Ireda petition

Gensol Engineering admitted to insolvency by NCLT

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted Gensol Engineering Limited to Corporate Insolvency Resolution Process (CIRP) on a petition filed by the Indian Renewable Energy Development Agency (Ireda), according to a report from Bar and Bench. 

Ireda stated on May 14 that it had initiated insolvency proceedings. Ireda urged immediate oversight of Gensol, arguing that the company had effectively become "headless" following the exit of its top leadership during continuing regulatory scrutiny. Since then, multiple other financial creditors have also filed for insolvency against the company.

 

An interim resolution professional (IRP) will take over