Ireda’s Action Against Gensol Engineering
On the basis of a plea submitted by the state-ruun Indian renewable Energy Development Agency Ltd or Ireda, which mentioned credit defaults totaling 510 Crore, The Ahmedabad Bench of the National Company Law Tribunal, as Per News Reports, have admitted reda’s plea for corporate insolveancy proceeding against gensol enceping ltd.
The news reports also sugges that the tribunal has directed for the appointment of interim resolution professional (IRP) to take over the management and operations of gensol engineering.
According to reda, gensol’s promoters had diluted their stakes without the lenders’ Consent, which was a breach of contrast. As a result, the company filed a complaint with the economy offenses wing or eow and sought legal action.
Ireda Initial Had Issued Notice to Gensol on April 25 and Reveled Its Insolvency Filing on May 14.
Gensol Engineering Share Price Hits Lower Circuit
The gensol engineering share price open 49.43 on th bse on fade. At the time of opening the gensol engineering share price was lowr than the previous days closing price of 50.43.
The gensol engineering share price thereafter continued to trade at the similar legs the same to be the lower price band or circuit limit for the lower price band or circuit limit for the gensol engineering. The gensol engineering share price thereby was locked in the lower circuit on Friday.
Gensol Engineering Share Price That Had Seen Highs of 1125.75 in June last year however has seen more than 95% correction and Substantial Erosion in Investors Wealth.
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