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A Company – Gensol Engineering Limited has defaulted on loan repayment to IREDA. A Petition was filed on 13.05.2025 by the Indian Renewable Energy Development Agency Limited (IREDA) against Gensol Engineering Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process (CIRP), to appoint Interim Resolution Professional (hereinafter referred to as “IRP”) and declare the moratorium for having defaulted in payment of its outstanding dues of Rs.510,10,00,000/- (Rs. 510.10 crore).
IREDA is a Public Limited Government Company established as a NonBanking Financial Institution (NBFC). It is engaged in promoting, developing, and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
The company – Gensol Engineering Limited has defaulted on the loan amount. The total dues as claimed by the Financial Creditor is Rs.510,10,00,000/-, consisting of principal and interest up to 30.04.2025. The default dates are stated to be 31.03.2025, 19.04.2025, and 12.05.2025.
IREDA sanctioned five financial facilities sanctioned between 24.03.2022 and 09.05.2024, aggregating Rs. 863.30 crore to the company for various projects.
Facility No.1 (Project 2583): A term loan of Rs.267.79 crore disbursed on 24.03.2022 for an EV fleet leasing project in collaboration with Blu-Smart Mobility entities.
Facility No.2 (Project 2666): A term loan of Rs.43.69 crore disbursed on 17.01.2023 for a similar EV fleet leasing project.
Facility No.3 (Project 2740): A term loan of Rs.121.00 crore disbursed on 25.09.2023for a solar power project with Damodar Valley Corporation.
Facility No.4 (Project 2791): A term loan of Rs.192.87 crore disbursed on 01.02.2024 for a 62 MW ground-mounted solar project for MAHAGENCO in Maharashtra.
Facility No.5 (Project 2876): A non-fund-based guarantee assistance of Rs. 250.00 crore, with Rs.237.95 crore disbursed on 09.05.2024.
Now Court has given its order. Click here to download court order.
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