New Delhi-based photovoltaic module manufacturer Moser Baer Solar(MBSL) is in hot water, facing bankruptcy proceedings before the National Company Law Board (NCLT). In August, the Central Bank of India lodged a complaint with NCLT under section 7 of the Insolvency and Insolvency Act.

Now, MBSL has applied to the Central Bank to delay the repayment schedule, claiming that its business prospects have been damaged by the flood of cheap Chinese PV modules flooding the Indian market.

Once the application is approved, the NCLT will submit a resolution within 180 days, with the possibility of delaying the decision to 270 days. If not, MBSL will go into liquidation and NCLT will suspend the company's board.

It is learnt that MBSL has a total liability of Rs 7,720 crore in FY13. The company reported a net loss of 2.07 billion rupees on revenue of 2.22 billion rupees in the same period. Its total debt currently stands at around Rs 1,000 crore and owes the central bank just under Rs 100 crore.

MBSL has been in financial crisis for several years and has received default notices from several creditors after efforts to restructure its debt ended in October last year.

According to Bridge to India, India has imported about $3.97 billion worth of solar cells in fiscal 2017, up 36 percent from the previous year. The influx of foreign PV products has left India's domestic PV module suppliers languishing. The Indian government recently launched anti-dumping investigations into imports of solar products from China, Taiwan and Malaysia in response to a complaint by the Solar Manufacturers Association of India.