IREDA Files Application Against Gensol Engineering

Indian Renewable Energy Development Agency Ltd. (IREDA) has filed an application against Gensol Engineering Ltd. under the Insolvency and Bankruptcy Code for a default amount of  ₹5.10 billion, the company informed exchanges on Wednesday.

This action follows a mid-April order from the Securities and Exchange Board of India (SEBI) against Gensol Engineering and its promoters, accusing them of diverting loans taken from Power Finance Corp. and IREDA.