India, May 15 -- The Indian Renewable Energy Development Agency (IREDA) has filed an insolvency petition against BluSmart's related entity and troubled engineering, procurement and construction (EPC) company Gensol Engineering.

In a filing with the exchanges, IREDA said that it has initiated insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) over a default of INR 510 Cr by Gensol.

". This is to inform you that the Company (IREDA) has filed an application today i.e. May 14, 2025 under Section 7 of Insolvency and Bankruptcy Code, 2016 against M/s Gensol Engineering Limited,. for an amount of default of INR 510,00,52,672/-," read the filing.

It is pertinent to note that Gensol borrowed INR 977.75 crore Cr f...