Authority: National Company Law Tribunal (NCLT), Division Bench, Court-1, Ahmedabad
Order Date: 08/06/2026
Case Overview
This application (IA/817(AHM)2026) was filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking a 90-day extension of the Corporate Insolvency Resolution Process (CIRP) for Gensol Engineering Limited. The CIRP was initiated against the corporate debtor, Gensol Engineering Limited, vide an order dated 13.06.2025 in CP(IB)/195(AHM)2025, an application filed under Section 7 of the IBC by the financial creditor, Indian Renewable Energy Development Agency Limited (IREDA). The CIRP timeline had already been extended twice by the NCLT: a 90-day extension was granted on 19.12.2025 and a further 60-day extension was granted on 24.03.2026. The most recently extended CIRP period expired on 24.05.2026. The Resolution Professional submitted that the process was at an advanced stage, with eight Resolution Plans received from Prospective Resolution Applicants. These plans were under evaluation, negotiations, and the challenge process. The Committee of Creditors (CoC), in its 13th meeting held on 04.05.2026, had resolved with a 96.66% voting share to seek an extension of the CIRP to complete the process.
The tribunal, comprising Mr. Shammi Khan (Member Judicial) and Mr. Sanjeev Sharma (Member Technical), heard the applicant's counsel and perused the record. It observed that the CIRP had reached an advanced stage and that an extension was necessary to facilitate the evaluation of the multiple resolution plans. The order referenced legal precedents, including the Supreme Court judgment in Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta and Ors., (2020) 8 SCC 531 and the NCLAT order in Neel Metal Products Ltd. Vs. CA Nirav Tarkas & Ors., Comp. App. (AT) (Ins.) No. 887 of 2022, which uphold the authority to extend the CIRP beyond 330 days when such an extension is necessary for completion and is supported by the CoC's commercial wisdom.
Final Outcome
The NCLT allowed the application, albeit for a period of 45 days instead of the requested 90 days. The CIRP of Gensol Engineering Limited is extended by a further period of 45 days, commencing from 25.05.2026. The Resolution Professional is directed to expedite the evaluation of Resolution Plans, the challenge process, and all consequential steps to ensure the CIRP is completed within this extended period. The RP is also ordered to complete the CIRP and file any appropriate application within the extended timeline. The application IA/817(AHM)2026 stands allowed and disposed of.
Topics: Insolvency, Renewable Energy