Gensol’s Lenders Mull Legal Route To Recover Loans

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SUMMARY

Between FY22 and FY24, Gensol had secured a term loan of INR 977.75 Cr from IREDA and PFC

As per the finding by SEBI, the company had defaulted on INR 57.9 Cr and INR 13.67 Cr worth of debt for IREDA and PFC respectively

Crisis at Gensol has also impacted BluSmart, as the EV ride hailing startup suspended its cab booking services in all locations

In further troubles for Gensol, its lenders Power Finance Corp (PFC) and Indian Renewable Energy Development Agency (IREDA) are reportedly planning to take legal action for…



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Gensol’s Lenders Mull Legal Route To Recover Loans


SUMMARY

Between FY22 and FY24, Gensol had secured a term loan of INR 977.75 Cr from IREDA and PFC

As per the finding by SEBI, the company had defaulted on INR 57.9 Cr and INR 13.67 Cr worth of debt for IREDA and PFC respectively

Crisis at Gensol has also impacted BluSmart, as the EV ride hailing startup suspended its cab booking services in all locations

In further troubles for Gensol, its lenders Power Finance Corp (PFC) and Indian Renewable Energy Development Agency (IREDA) are reportedly planning to take legal action for…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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