CMP: ₹60.48 | Down 95% from ₹1,142 highs | IREDA files for Insolvency | SEBI Order Stalled Ops | Promoter Guarantees Invoked
⚠️ At a Glance
- Gensol Engineering Ltd has received a formal insolvency petition under Section 7 of the IBC
- Filed by IREDA (Indian Renewable Energy Development Agency) at NCLT Ahmedabad
- Alleged loan default of ₹510 crore across five sanctioned facilities 😵
- Promoters’ personal guarantees invoked
- Operations already halted due to SEBI interim order dated 15 April 2025
- Stock has crashed 95% from its ₹1,142 peak — currently at ₹60.48
- CFO admits: company is under severe legal and financial stress
“From solar startup to insolvency court — Gensol’s collapse is a masterclass in how not to run a business.”
🧾 Breaking Down the NCLT Case
| 📄 Case Filed By | Indian Renewable Energy Development Agency (IREDA) |
|---|
| ⚖️ Filed Under | Section 7 of the Insolvency & Bankruptcy Code, 2016 |
| 🏛️ Court | NCLT Ahmedabad Bench |
| 🧾 Claim Amount | ₹510,00,52,672 (₹510 Cr approx.) |
| 🚨 Promoter Guarantees | Invoked by IREDA on 13 May 2025 |
| 📬 Loan Recall Notice | Sent on 4 May 2025 |
| 🛑 Operations Status | Non-functional |
