Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 09/06/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) in the matter of Indian Renewable Energy Development Agency Limited (Applicant/Financial Creditor) versus Gensol EV Lease Limited (Respondent/Corporate Debtor). The case involves a corporate insolvency resolution process initiated by IREDA against Gensol EV Lease. During the hearing, it was revealed that settlement discussions between the parties had failed to yield an agreement. The respondent expressed willingness to resolve the matter by handing over all vehicles in its possession to the applicant.
Final Outcome
The tribunal noted that while the respondent offered to hand over a total of 124 vehicles stationed across various cities within five working days, the applicant objected to this proposal. The NCLT directed both parties to sit together and decide the modality and place of handing over the vehicles within three days. The matter has been re-listed for further consideration on 24 June 2026.
Topics: Insolvency Proceedings, Asset Recovery, Renewable Energy Financing