IREDA moves debt recovery tribunal against Gensol entities for over Rs 729 crore default
Indian Renewable Energy Dev Agency Ltd (IREDA) said on Wednesday that it has approached the Debt Recovery Tribunal (DRT), Delhi, seeking recovery of default amounting to over Rs 729 crore from Gensol Engineering Limited and Gensol EV Lease Pvt Ltd.
ADVERTISEMENT The applications were filed on May 20, 2025, under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, the company said in a filing on the exchanges.
According to the official filing, the company has initiated proceedings to recover Rs 510.00 crore from Gensol Engineering Limited and Rs 218.95 crore from Gensol EV Lease Pvt Ltd.
'We have filed an Original Application before Hon'ble Debt Recovery Tribunal Delhi on 20.05.2025 for a default amount of Rs. 510,00,52,672/- against M/s Gensol Engineering Limited and Rs. 218.95 Crore against M/s Gensol EV Lease Pvt Limited respectively,' the company said.
With Sebi, in April, barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations, Gensol Engineering has come under the regulatory scanner for alleged fund diversions and governance lapses.
Gensol had borrowed Rs 977.75 crore from Ireda and Power Finance Corporation, out of which Rs 663.89 crore was for purchasing electric vehicles for BluSmart, an ride hailing platform founded by the company's cofounder Anmol Singh Jaggi. In April, both lenders filed complaints with the Economic Offences Wing against Gensol, alleging falsification of documents related to debt servicing status.
ADVERTISEMENT Earlier last week, Ireda had sought insolvency proceedings against Gensol Engineering over a default of Rs 510 crore.The corporate affairs ministry is aiming to complete the probe into Gensol and around 18 other related companies in the next three to five months, as per a PTI report.
ADVERTISEMENT The Companies Act, 2013 is being implemented by the ministry, which grants it various powers to deal with instances of corporate misdoings.Meanwhile, the Institute of Chartered Accountants of India (ICAI) is also reviewing the financial statements of Gensol Engineering Ltd and BluSmart Mobility Pvt Ltd for the 2023-24 fiscal.
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