IREDA Drags Gensol To Insolvency Court Over INR 510 Cr Default

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SUMMARY

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…



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IREDA Drags Gensol To Insolvency Court Over INR 510 Cr Default


SUMMARY

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…



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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