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HomeMarket NewsIREDA insolvency petition against Gensol Engineering to be heard on June 3 at NCLT
Last week, Gensol's top management, Anmol Singh Jaggi and Puneet Singh Jaggi, both announced their resignation from their respective positions.
The insolvency plea filed by the Indian Renewable Energy Development Agency (IREDA) Ltd. against Gensol Engineering will be heard by the Company Law Tribunal (NCLT) on Tuesday, June 3.
NCLT has issued a notice to Gensol and has sought a response to IREDA's insolvency petition.
Earlier this week, IREDA had filed an insolvency petition against Gensol, citing a default of ₹510 crore.
IREDA has cautioned that after market regulator SEBI took action against Gensol, the company is now headless as the entire top management has walked out.
Last week, Gensol's top management, Anmol Singh Jaggi and Puneet Singh Jaggi, both announced their resignation from their respective positions.
IREDA has pushed for the Insolvency Resolution Professional (IRP) to take over the management urgently, saying that nobody is available to manage the affairs of Gensol.
On its part, Gensol is required to respond to the NCLT notice before the June 3 hearing date.
Shares of IREDA are currently trading 2.6% higher at ₹171.05.
On the other hand, Shares of Gensol Engineering, which had declined nearly 95% from their 52-week highs, have seen three straight upper circuits of 5%, having had lower circuits for 22 consecutive trading sessions.
