Admission of Application under Section 7 of the IBC, 2016 against M/s Gensol EV Lease Limited, Subsidiary of M/s Gensol Engineering Limited
Awaiting price reaction for this filing.
IREDA has informed stock exchanges that the National Company Law Tribunal (NCLT), Ahmedabad, has admitted its insolvency application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Gensol EV Lease Limited, a subsidiary of listed company Gensol Engineering Limited. The admission was made on June 13, 2025, for a default amount of Rs. 218.95 crore. IREDA had originally filed the application on May 15, 2025. This initiates the corporate insolvency resolution process (CIRP) against Gensol EV Lease Limited.
This is a disclosure by IREDA (the lender) about a default by Gensol EV Lease Limited. Gensol Engineering Limited shareholders may be concerned as the insolvency of its subsidiary could trigger broader financial and reputational impact on the parent listed entity.