Archive · 13 Jun 2025
NCLT Admits Insolvency Pleas Against Gensol Engineering
A company called Gensol Engineering owes a lot of money and can't pay it back, so the lender, IREDA, asked a special court to step in.
The court agreed.
A professional will now manage Gensol.
The court also found problems with how Gensol and its leaders were running things, like possibly misusing funds.
Gensol's stock price dropped because of this.
NCLT admitted IREDA's insolvency pleas against Gensol Engineering and Gensol EV Lease.
The pleas were filed due to a ₹510 crore and a ₹218.95 crore loan default respectively.
An interim resolution professional (IRP) will now manage the companies.
The court has ordered the freezing of bank and demat accounts for Gensol and 16 other companies.
Gensol Engineering's stock hit the lower circuit.
- Who
- Indian Renewable Energy Development Agency (IREDA) filed the plea against Gensol Engineering and Gensol EV Lease.
- What
- NCLT admitted insolvency pleas against Gensol Engineering Ltd (GEL) and Gensol EV Lease (GEVL).
- When
- The ruling was made on Friday.
- Where
- The Ahmedabad bench of the National Company Law Tribunal (NCLT).
- Why
- Gensol defaulted on loans totaling ₹510 crore and ₹218.95 crore.
IREDA
Gensol Engineering
Debt Default and Governance
IREDA
Gensol defaulted on loans and faces financial irregularities.
Gensol Engineering
N/A
- Companies
- Gensol Engineering Ltd and Gensol EV Lease
- Petitioner
- IREDA
- Default Amounts
- ₹510 crore (GEL), ₹218.95 crore (GEVL)
- Action
- Corporate Insolvency Proceedings
- Tribunal
- National Company Law Tribunal (NCLT)
- Share Price Impact
- Hit lower circuit
