The National Company Law Tribunal (NCLT) Ahmedabad has admitted insolvency proceedings against Gensol Engineering Ltd. and its subsidiary Gensol EV Lease Ltd following petitions filed by the Indian Renewable Energy Development Agency Ltd. (IREDA). The insolvency plea was based on defaults totaling ₹729 crore, with a specific default of ₹510 crore cited in one petition. The tribunal has directed the appointment of a resolution professional to oversee the process. Following the admission, Gensol Engineering's shares hit a 2% lower circuit. Separately, the NCLT Ahmedabad bench has also admitted insolvency petitions against BluSmart Mobility, an electric taxi operator. BluSmart's insolvency proceedings come amid regulatory probes that accused a co-founder of misappropriating funds meant for vehicle purchases, raising corporate governance concerns. Additionally, Byju Raveendran, founder of Byju's, stated that he and his family invested $800 million to save the company and accused secondary debt buyers of triggering insolvency through a manufactured technical default.