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.
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.
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'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.
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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.
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.
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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