NCLT Ahmedabad Admits IREDA’s ₹510 Cr Insolvency Petition Against Gensol Engineering

The Ahmedabad bench of the NCLT admitted the insolvency petition against Gensol Engineering Limited, filed by the Indian Renewable Energy Development Agency (IREDA) under Section 7 of the IBC, over a ₹510 crore loan default.

A two-member bench noted that Gensol did not dispute the existence of the debt and appointed an Insolvency Resolution Professional (IRP) from the IBBI panel instead of IREDA’s nominee.

Previous SEBI findings revealed alleged fund diversion and governance lapses; the tribunal had earlier ordered freezing of bank and demat accounts and asset attachment.

If no resolution plan is approved within 180–330 days, Gensol may face liquidation.