Gensol Engineering invites EoIs; deadline for submission of resolution plans is Nov 29

Gensol Engineering Limited, a significant player in the solar and electric vehicle sectors, has officially invited Expressions of Interest (EoI) from potential investors as part of its Corporate Insolvency Resolution Process (CIRP).

The resolution professional, Keshav Khaneja, issued a public notice (Form G) on Tuesday, inviting bids for the Ahmedabad-based company. In a unique offering, bidders have the option to acquire the entire company as a going concern or to bid for its individual business verticals separately. Gensol Engineering owes Rs 1,223 crore to banks and financial institutions.

The two core businesses on offer are:

• Solar EPC Business: This division reported a turnover of ₹762.27 Crore as of December 31, 2024.
• Electric Vehicle Leasing Business: This vertical reported a turnover of ₹294.50 Crore for the same period.

Interested resolution applicants must submit their EoIs by September 30, 2025. The process outlines a strict timeline, with a provisional list of applicants to be issued on October 10, a final list on October 25, and the deadline for submission of full resolution plans set for November 29, 2025.

The company’s insolvency process presents a notable opportunity in the renewable energy and green mobility space. Gensol Engineering operates with a lean team of approximately 15 employees and has its major fixed assets located in Delhi NCR and Bangalore, with EPC projects spread across other locations.

The Committee of Creditors (CoC) and the resolution professional will evaluate all received EoIs. The notice clarifies that the CoC holds the discretion to change the EoI criteria at any time and that its final decision on the bids will be conclusive.

Further details, including financial statements and the full list of creditors, are available on the IBBI website or can be obtained by emailing the process administrator at cirpgensolengg@gmail.com.

This development marks a critical step towards the resolution of Gensol Engineering Limited, determining whether the company will be revived as a single entity or its valuable business units will find new owners.

The National Company Law Tribunal (NCLT), Ahmedabad Bench, admitted an insolvency petition against Gensol Engineering Limited filed by state-owned lender Indian Renewable Energy Development Agency Limited (IREDA) in June 2025. The petition cites a massive default of ₹510.10 Crore on loan facilities extended for various solar and electric vehicle (EV) projects.

Also Read: NCLT admits insolvency plea against Gensol Engineering