IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT-1, AHMEDABAD

Authority: National Company Law Tribunal (NCLT), Division Bench, Court-1, Ahmedabad

Order Date: 10/06/2026

Coram: Mr. Shammi Khan, Hon'ble Member (Judicial) and Mr. Sanjeev Sharma, Hon'ble Member (Technical)

Case Overview

The order pertains to two Interlocutory Applications (IAs) - IA/503(AHM)2026 and IA/622(AHM)2026 - filed within the main insolvency petition C.P.(IB)/199(AHM)2025. The petition was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC) by the Indian Renewable Energy Development Agency Limited (IREDA) against Gensol EV Lease Limited.

The proceedings involve a financial debt dispute. In IA/503(AHM)2026, the respondent (Gensol EV) had submitted a revised settlement proposal of ₹80,00,000 (Eighty Lakh Rupees) the previous day. The Resolution Professional (RP) informed the tribunal that this proposal had been rejected. The counsel for Gensol EV sought a further one week's time to submit another revised proposal.

In IA/622(AHM)2026, the respondent had previously been granted an extension until 12th May 2026 to file its reply but failed to do so. Despite this opportunity, no reply was filed. The counsel for the respondent/Resolution Professional sought a further ten days to file the reply.

Final Outcome

The tribunal issued the following directions:

  • For IA/503(AHM)2026: The matter was relisted for the next hearing on 08th July 2026. The tribunal noted that any further revised proposal submitted by the respondent would be considered.
  • For IA/622(AHM)2026: The tribunal granted a final opportunity of ten days to the respondent/Resolution Professional to file its reply. Subsequently, the applicant is to file a rejoinder before the next date. Additionally, the respondent/Resolution Professional was directed to furnish the exact location of the vehicles involved in the case, along with their complete details, to the applicant. The matter was also relisted for 08th July 2026.

Topics: Insolvency Proceeding, Settlement Negotiation, Tribunal Directions