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Gensol Insolvency: NCLT Admits IREDA’s Plea On INR 510 Cr Default
- The National Company Law Tribunal’s Ahmedabad bench has admitted Gensol Engineering Limited into insolvency on a plea by IREDA for a loan default of INR 510 Cr.
- IREDA's plea was heard by the bench of Shammi Khan and Sanjeev Kumar Sharma.
- The tribunal reserved its judgment as Gensol did not dispute the debt's existence.
- IREDA filed an insolvency petition against Gensol last month under the Insolvency and Bankruptcy Code (IBC).
- Gensol had borrowed INR 977.75 Cr from IREDA and PFC between FY22 and FY24.
- SEBI's interim order stated Gensol diverted funds for personal use and defaulted on debts from IREDA and PFC.
- Following SEBI's order, Gensol suspended operations, impacting over 10,000 drivers.
- NCLT issued directions to freeze assets of Gensol and associated entities.
- NCLAT rejected pleas by Gensol entities seeking a stay on asset freeze.
- Creditors have filed fresh insolvency petitions against BluSmart and Gensol for unpaid dues.
- Gensol Engineering allegedly owes Equentia Financial Services around INR 9 Cr.
- NCLT issued notices to BluSmart Mobility and Gensol Engineering on the insolvency petitions.
- Recent developments include ongoing insolvency proceedings and asset freezes related to Gensol and its entities.
- The case involves allegations of fund diversion, default on loans, and subsequent insolvency actions.
- Various legal actions and pleas have been filed by creditors and regulatory authorities against Gensol.
- The NCLT and NCLAT have been involved in adjudicating on the insolvency and asset freeze matters.
- The news article covers the complexities and legal actions surrounding Gensol Engineering Limited's insolvency case.
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