Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 09/10/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard two interconnected applications in the matter of Indian Renewable Energy Development Agency Limited versus Gensol EV Lease Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The first application (IA(Plan)/22(AHM)2026) was filed by the Resolution Professional under Section 30(6) read with Section 31, Section 60(5) of the IB Code, 2016, Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The application seeks approval of a Resolution Plan submitted by Pratap Technocrats Private Limited, which was approved by the Committee of Creditors with 100% voting share in its 19th CoC meeting. The prayer includes declaring that upon approval, the Resolution Plan provisions shall be binding on the company, all creditors, guarantors, members, workmen, employees, and other stakeholders.
The second application (IA/1654(AHM)2026) was filed on 22.09.2026 by Mr. Keshav Khaneja, Resolution Professional of Gensol EV Lease Limited, under Sections 66(1) and 66(2) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, Regulation 35A of the IBBI (CIRP) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. This application seeks directions for Respondents 1-10 to make contributions to the assets of the Corporate Debtor and includes prayers for condoning delay in filing, recovery, preservation, or attachment of assets under Section 67.
During proceedings, the Applicant/RP was directed to amend the memo of parties. The learned Special Counsel appearing for the Union of India accepted notice and was directed to receive the complete paper book including the Resolution Plan for preparing a reply within ten days. For the second application, notice was issued to the Respondents returnable on the next date, with directions for the Applicant to serve copies and file an affidavit of service.
Final Outcome
Both matters have been adjourned to 23 October 2026 for further consideration. The Union of India has been given ten days to file a reply to the first application, while Respondents in the second application have been given seven days to file their replies from receipt of notice.
Topics: Insolvency Resolution, Legal Proceedings