Gensol Engineering Ltd Faces Insolvency: Defaults Rs.510,10,00,000 Payment to IREDA

Gensol Engineering Limited, a company engaged in engineering and renewable energy projects, including solar power projects and electric vehicle (EV) leasing arrangements, is facing insolvency proceedings. The Indian Renewable Energy Development Agency Limited (IREDA) has filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) against Gensol Engineering Limited for initiation of Corporate Insolvency Resolution Process (CIRP). The default amount is Rs.510,10,00,000. IREDA is a 'Navratna' Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE) and is a Public Limited Government Company established as a Non-Banking Financial Institution (NBFC).