The National Company Law Tribunal (NCLT), Ahmedabad has admitted two separate insolvency petitions filed by Indian Renewable Energy Development Agency (Ireda) against Gensol Engineering (GEL) and its subsidiary Gensol EV Lease (GEVL), initiating corporate insolvency resolution processes (CIRP) against both companies, the Times of India reported. In the case of Gensol Engineering, the tribunal admitted Ireda’s petition for defaulted dues amounting to Rs 510.10 crore. The defaults stemmed from term loan facilities extended by Ireda for various projects undertaken by GEL.

Shares of Gensol Engineering slid 2% in Thursday's trading session to their day’s low of Rs 51.45 on the BSE, as the Ahmedabad bench of the National Company Law Tribunal (NCLT) reserved its order on two insolvency pleas filed by Indian Renewable Energy Development Agency (IREDA) against Gensol Engineering (GEL) and its subsidiary Gensol EV Lease (GEVL) over a combined loan default of Rs 729 crore, the Economic Times of India reported.

The Mumbai bench of National Company Law Tribunal (NCLT) has allowed a 90-day extension in the ongoing consolidated corporate insolvency resolution process (CIRP) of Lavasa Corp beginning May 29. The planned city project is undergoing a fresh CIRP after the NCLT, in September 2024, directed that the entire process be restarted, following the successful bidder's failure to implement the approved resolution plan within the specified time frame.

India’s central bank surprised markets with a jumbo rate cut, seizing on cooling inflation to frontload monetary easing and bolster economic growth amid heightened global uncertainty, the Wall Street Journal reported. The Reserve Bank of India’s monetary policy committee voted Friday to lower the benchmark repo rate to 5.50% from 6.00%. The 50-basis-point cut is the central bank’s largest since March 2020, at the height of the pandemic. India’s growth-inflation dynamics call for frontloading rate cuts to support growth, RBI Gov.

In a significant relief for Reliance Infrastructure, the National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed the insolvency proceedings initiated against the company, the Times of India reported. In a regulatory filing, Reliance Infrastructure confirmed that the appellate tribunal has suspended the earlier order passed by the National Company Law Tribunal (NCLT), Mumbai. "In the appeal filed, the NCLAT, today has suspended the Order dated May 30, 2025 passed by National Company Law Tribunal, Mumbai in case no. C.P.

The Supreme Court has refused to stay the insolvency proceedings initiated against Future Ideas Company Ltd (FICL), a part of the erstwhile Kishore Biyani-led Future Group. However, it sought response from Axis Trustee Services and resolution professional Ritesh Agarwal on an appeal by Anil Biyani, the suspended director of FICL, the Economic Times of India reported. A Bench led by Justice Sanjay Karol posted the matter for further hearing on August 8.

The National Company Law Tribunal (NCLT) on Tuesday issued notices to electric vehicle (EV) ride-hailing startup BluSmart Mobility Ltd and Gensol Engineering Ltd on three new insolvency petitions by financial creditors over alleged unpaid dues, LiveMint.com reported. Spectrum Trimpex Pvt. Ltd and Catalyst Trusteeship Ltd moved the tribunal under Section 7 of the Insolvency and Bankruptcy Code (IBC) against BluSmart over unpaid dues worth ₹1 crore each. Equentia Financial Services Pvt. Ltd claimed that Gensol Engineering owed it around ₹9 crore.