Thu May 22 05:58:51 UTC 2025: Okay, here’s a news article summary based on the provided text:
**Headline: IREDA Pursues Recovery of ₹729 Crore from Gensol Engineering via NCLT and DRT**
**Chennai, May 22, 2025:** The state-run Indian Renewable Energy Development Agency Ltd. (IREDA) is taking aggressive action to recover ₹729 crore owed by Gensol Engineering Ltd and its subsidiary, Gensol EV Lease Pvt Ltd. The agency has filed cases with both the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) and the Debt Recovery Tribunal (DRT).
According to Akshat Khetan, Founder of AU Corporate Advisory and Legal Services, IREDA is legally within its rights to pursue parallel proceedings. He clarified that while DRT aims for specific debt recovery, IBC seeks to resolve insolvency through restructuring or liquidation.
However, Khetan noted that once an IBC application is admitted, a moratorium is triggered, effectively suspending all other recovery proceedings, including those before the DRT. This means the IBC process would take precedence if the NCLT admits the case. The dual approach highlights IREDA’s determination to recoup its funds, but the ultimate outcome will likely depend on the NCLT’s decision regarding the IBC application.
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