Gensol Engineering share price hits lower circuit

According to news reports, the Ahmedabad bench of the National Company Law Tribunal has accepted the state-run Indian Renewable Energy Development Agency Ltd.'s (IREDA) plea for corporate insolvency proceedings against Gensol Engineering Ltd., citing credit defaults totaling ₹510 crore. According to news sources, the tribunal has also ordered that an interim resolution professional (IRP) be appointed to assume control and operations of Gensol Engineering. IREDA claims that Gensol's promoters violated the terms of the contract by diluting their interests without the lenders' approval. Consequently, the business complained to the Economic Offenses Wing, or EoW, and pursued legal action.