Moser Baer Solar (MBSL), a PV module manufacturer located in New Delhi, India, has recently been troubled by the insolvency proceedings of the National Corporate Law Commission (NCLT). In August, the Central Bank of India filed a complaint with NCLT under Article 7 of the Bankruptcy and Bankruptcy Law.
At present, MBSL has applied for the central bank to postpone the loan schedule of repayment, claiming that its business outlook has been destroyed by a large number of cheap Chinese PV modules in the Indian market.
Once the application is passed, NCLT will submit the resolution within 180 days(or maybe 270 days). Otherwise, MBSL will be liquidated and NCLT will suspend the board of directors.
It is reported that in 2013, MBSL total debt is 7.72 billion rupees while earnings at the same period is 2.26 billion rupees, with a net loss of Rs. 2,770 crore. Its total debt at present is about 100 billion rupees, owning the central bank slightly less than 1 billion rupees.
According to Bridge to India, India's imports of solar cells in the 2017 fiscal year worth about 3.197 billion US dollars, an increase of 36%. The influx of foreign PV products, making India's domestic PV module suppliers doldrums. The Indian government recently filed a complaint against the Indian Solar Manufacturers Association for an anti-dumping investigation of imports of solar energy products from mainland China, Taiwan and Malaysia.
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