New Delhi, June 13 -- The National Company Law Tribunal's Ahmedabad bench has admitted Gensol Engineering Ltd into corporate insolvency proceedings on a plea filed by state-run Indian Renewable Energy Development Agency Ltd (Ireda), which cited loan defaults amounting to Rs.510 crore.

The bench of Shammi Khan (judicial member) and Sanjeev Kumar Sharma (technical member) passed the order under Section 7 of the Insolvency and Bankruptcy Code (IBC), appointing an interim resolution professional (IRP) to take charge of the company's affairs.

Ireda, in its plea, pressed for urgent oversight, arguing that Gensol had effectively become "headless" after its top leadership exited amid ongoing regulatory scrutiny.

"Sir, by virtue of Sebi's order...