India, June 13 -- The National Company Law Tribunal's Ahmedabad bench has reportedly admitted Gensol Engineering Limited into corporate insolvency proceedings on a plea filed by Indian Renewable Development Agency (IREDA), which cited a loan default of INR 510 Cr.

"The insolvency plea is admitted. However we are not appointing the RP (resolution professional) suggested by IREDA, we have chosen from the list given by IBBI (Insolvency and Bankruptcy Board of India)," a Bar and Bench report said, citing the bench of Shammi Khan (judicial member) and Sanjeev Kumar Sharma (technical member).

The tribunal reserved its judgment in a hearing on the IREDA's plea on Wednesday (June 11), stating that Gensol had not raised any defence disputing the...