Gensol Engineering Ltd Faces Insolvency Proceedings: Defaults on 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 initiated by the Indian Renewable Energy Development Agency Limited (IREDA). The IREDA, a Navratna Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy, has filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) against Gensol Engineering Limited for defaulting in payment of its outstanding dues of Rs.510,10,00,000. The petition was filed on 13.05.2025 and the order was pronounced on 13.06.2025. The IREDA is seeking the appointment of an Interim Resolution Professional (IRP) and the declaration of a moratorium.