Latest news with #GensolEVLease
Time of India
a day ago
- Business
- Time of India
NCLT directs insolvency against Gensol, Gensol EV Lease; appoints IRP
The National Company Law Tribunal has initiated insolvency proceedings against Gensol Engineering and Gensol EV Lease following petitions from the Indian Renewable Energy Development Agency due to defaults of ₹510 crore and ₹218.95 crore, respectively. An interim resolution professional has been appointed to manage the affairs of both companies, whose boards have been suspended. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Ind'l Goods/Svs 1. SEPC bags Rs 650 cr solar EPC project in Maharashtra Tired of too many ads? Remove Ads The National Company Law Tribunal on Friday directed to initiate insolvency proceedings against Gensol Engineering and Gensol EV Lease after admitting the petitions filed by the Indian Renewable Energy Development Agency The Ahmedabad bench of the insolvency tribunal appointed interim resolution professionals for both debt-ridden companies after suspending their respective the matter of Gensol Engineering, a two-member NCLT bench said Indian Renewable Energy Development Agency ( IREDA ) has established a financial debt of Rs 510 crore by the company through ledger extracts, TRA statements, demand notices, and NeSL records."The Respondent/Corporate Debtor Gensol Engineering Ltd is admitted in the Corporate Insolvency Resolution Process (CIRP) under section 7 of the IBС, 2016," the National Company Law Tribunal (NCLT) said in a 29-page is engaged in the business of developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/ another petition filed against Gensol EV Lease by IREDA, the NCLT said a default of Rs 218.95 crore is tribunal has placed Gensol Engineering and Gensol EV Lease under the protection of moratorium as per the provisions of the Insolvency & Bankruptcy Code and appointed Keshav Khaneja as the interim resolution professional (IRP) to run the affairs of the company."The IRP is expected to take full charge of the corporate debtor's assets and documents without any delay whatsoever. He is also free to take police assistance in this regard, and this Court, hereby, directs the police authorities to render all assistance as may be required by the IRP in this regard," said the NCLT also directed all personnel connected with Gensol Engineering, its promoters, or any other person associated with its management to extend every assistance and cooperation to the NCLT bench, comprising Judicial Member Shammi Khan and Technical Member Sanjeev Kumar Sharma, has also directed the IRP to submit a "periodical report" on the progress of the CIRP (Corporate Insolvency Resolution Process) in respect of the Corporate Debtor (Gensol).Similarly, for Gensol EV Lease, in the business of leasing electric vehicles and related infrastructure, the NCLT said it had also repayment obligations for the loan taken by Gensol against it were triggered by cross-default clauses linked to payment failures by Gensol Engineering on its May 28, the NCLT ordered to freeze bank and other accounts, restrained the trading of securities and directed asset disclosures of Gensol Engineering and 16 other companies and their was challenged by two Gensol Group entities -- BluSmart Premium Feet and Matrix Gas and Renewable -- before the appellate tribunal NCLAT, which on June 4 directed them to approach the troubles started after an interim order on April 15 by the Securities and Exchange Board of India (SEBI) barred Gensol Engineering and promoters -- Anmol Singh Jaggi and Puneet Singh Jaggi -- from the securities markets till further orders in a fund diversion and governance lapses May 12, the Jaggi brothers resigned from the company following market regulator Sebi's interim order. Anmol Singh Jaggi held the post of Managing Director while Puneet Singh Jaggi was a Whole-time its order on April 15, 2025, the Sebi also barred the Jaggi brothers from holding the position of a director or key managerial personnel in Gensol until further order came after the Securities and Exchange Board of India (Sebi) received a complaint in June 2024 relating to the manipulation of share price and diversion of funds from GEL and thereafter started examining the matter.
Time of India
a day ago
- Business
- Time of India
Gensol group faces insolvency over Ireda dues
BENGALURU: The National Company Law Tribunal (NCLT), Ahmedabad has admitted two separate insolvency petitions filed by Indian Renewable Energy Development Agency (Ireda) against Gensol Engineering (GEL) and its subsidiary Gensol EV Lease (GEVL), initiating corporate insolvency resolution processes (CIRP) against both companies. Tired of too many ads? go ad free now In the case of Gensol Engineering, the tribunal admitted Ireda's petition for defaulted dues amounting to Rs 510.10 crore. The defaults stemmed from term loan facilities extended by Ireda for various projects undertaken by GEL. The tribunal held that Ireda had demonstrated the existence of financial debt and default under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Separately, the tribunal admitted insolvency proceedings against Gensol EV Lease for outstanding dues of Rs 218.95 crore. A ccording to Ireda's petition, GEVL had availed multiple term loans for electric vehicle leasing and related infrastructure. The defaults were triggered through cross-default provisions linked to Gensol Engineering's repayment failures. Personal guarantees by promoters Anmol Singh Jaggi and Puneet Singh Jaggi and corporate guarantees by Gensol Engineering, were also provided to secure the borrowings. Gensol EV Lease contested the maintainability of the petition, arguing that the defaults were premature, primarily arising from GEL's repayment delays, and that the outstanding debt had not crystallised. The tribunal rejected these objections, holding that the cross-default clauses in the loan agreements were valid and contractually enforceable. It also noted that GEVL failed to cure the defaults within the stipulated time frame after being issued notices by Ireda. Tired of too many ads? go ad free now The tribunal, however, accepted GEVL's objection concerning conflict of interest in Ireda's nomination of Pulkit Gupta as interim resolution professional, and appointed Keshav Khaneja as IRP to oversee the CIRP process. With the admission of both matters, moratoriums have come into effect under Section 14 of the IBC, prohibiting legal proceedings, asset transfers and recovery actions against both Gensol Engineering and Gensol EV Lease. Troubles at Gensol unfolded after a Sebi investigations two months ago revealed that the company's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, systematically used loans from several creditors, taken in the name of Gensol, to buy a luxury flat, inflate Gensol's stock price, for personal use through their private ventures and for purposes other than those for which the loans were taken. They were also found to have forged no-default letters from lenders like Ireda and PFC to falsely project there was no default by the company.
