IREDA Drags Gensol To Insolvency Court Over INR 510 Cr Default

IREDA said it has initiated insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code over a default of INR 510 Cr by Gensol

In an interim order last month, SEBI found that the EPC company defaulted on debt worth INR 57.9 Cr from IREDA and an additional INR 13.67 Cr in debt from PFC

Gensol borrowed INR 977.75 crore Cr from IREDA and Power Finance Corporation between FY22 and FY24, of which INR 262.13 Cr, as per SEBI, remains unaccounted for

The Indian Renewable Energy Development Agency (IREDA) has…