IREDA files insolvency petition over Gensol Engg's ₹510-cr default
Indian Renewable Energy Development (IREDA) on Wednesday filed an insolvency application against Gensol Engineering for a default amount of ₹510 crore. Gensol failed to meet its repayment obligations, which prompted IREDA to take the legal route. The company reportedly secured ₹978-crore term loan from IREDA to purchase 6,400 EVs for ₹664 crore, but later purchased 4,700 vehicles for ₹567 crore.