Legal15 May 2025, 08:01 pm
Gensol Engineering Ltd Faces Insolvency Petition from IREDA for Default on Loan Facilities
AI Summary
Gensol Engineering Limited has received an advance service intimation regarding a petition filed by Indian Renewable Energy Development Agency (IREDA) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC’) for initiation of Corporate Insolvency Resolution Process (CIRP). The petition is in respect of the defaults and potential defaults under the five loan facilities availed by the Company. The Company's operations came to a standstill due to a SEBI Interim Order and it is currently seeking legal assistance. The expected financial implications cannot be determined at this stage.
Key Highlights
- Gensol Engineering Limited is facing an insolvency petition from IREDA under Section 7 of the IBC’2016.
- The petition is in respect of the defaults and potential defaults under the five loan facilities availed by the Company from IREDA.
- The Company's operations came to a standstill due to a SEBI Interim Order and it is currently seeking legal assistance.
- The expected financial implications cannot be determined at this stage.
- The default amount as per the petition is Rs. 510,00,52,672/- (Rupees Five Hundred Ten Crores and Fifty-Two Thousand Six Hundred and Seventy-Two Only)
Price Impact
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