Latest news with #GensolEngineeringLimited
News18
23-07-2025
- Business
- News18
Setback For Gensol: NCLT Admits IREDA Insolvency Plea Over Rs 510 Cr Default
Last Updated: The NCLT Ahmedabad admitted IREDA's plea for insolvency against Gensol Engineering Ltd over Rs 510.10 crore loan default. SEBI barred Gensol's promoters for fund misuse. In a setback for Gensol Engineering Limited, the National Company Law Tribunal (NCLT), Ahmedabad Bench has admitted a plea by Indian Renewable Energy Development Agency Ltd (IREDA) to initiate insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. IREDA, a public sector NBFC under the Ministry of New and Renewable Energy, alleged that Gensol defaulted on loan repayments worth Rs 510.10 crore across five sanctioned financial facilities, including electric vehicle leasing and solar power projects. The loans were disbursed between March 2022 and May 2024. According to the shared court order copy, the tribunal said that Gensol had failed to maintain financial discipline, citing defaults on 31 March, 19 April, and 12 May 2025. IREDA in the filing said that it filed an application on May 14 under Section 7 of Insolvency and Bankruptcy code, 2016 against Gensol Engineering Limited for a defaulted amount of Rs 510,00,52,672. IREDA admitted supporting evidence including ledger extracts, bank statements, and filings with NeSL (National E-Governance Services Ltd), as well as invoking personal guarantees of the company's promoters. The tribunal also directed IREDA to deposit Rs 20 lakh towards CIRP costs and instructed all concerned authorities, including the Registrar of Companies and IBBI, to be notified of the order. Gensol Engineering shares hit the 5% lower circuit to halt trading at Rs 48.72 apiece today, July 23. Gensol Fund Saga Sebi had barred the Gensol Engineering's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities market due to allegations of misusing public company funds for personal gain. The promoters are accused of siphoning off loan funds meant for the company, misleading investors, lenders, and regulators. The interim order not only restricts them from accessing capital markets but also prevents them from holding key positions in any listed company for the time being. It is the alleged misuse of nearly Rs 262 crore from the Rs 978 crore loaned to Gensol by the Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC). The funds were intended for acquiring 6,400 EVs for leasing to BluSmart, but only 4,704 vehicles were purchased. Sebi's findings suggest that a portion of the funds was redirected to personal luxuries, such as high-end real estate, foreign travel, golf equipment, and other personal expenses. Since the unfolding of the Gensol Fund saga, shares of the company plummeted up to 93 per cent. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
22-05-2025
- Business
- Time of India
IREDA moves debt recovery tribunal against Gensol entities for over ₹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 ₹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 ₹510.00 crore from Gensol Engineering Limited and ₹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 ₹510,00,52,672/- against M/s Gensol Engineering Limited and ₹218.95 Crore against M/s Gensol EV Lease Pvt Limited respectively,' the company said. With Sebi, in April, barring the company's promote₹ 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 ₹977.75 crore from Ireda and Power Finance Corporation , out of which ₹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 ₹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.
Time of India
21-05-2025
- Business
- Time of India
IREDA moves debt recovery tribunal against Gensol entities for over ₹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 ₹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 ₹510.00 crore from Gensol Engineering Limited and ₹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 ₹510,00,52,672/- against M/s Gensol Engineering Limited and ₹218.95 Crore against M/s Gensol EV Lease Pvt Limited respectively,' the company said. With Sebi, in April, barring the company's promote₹ 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. 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.
Economic Times
21-05-2025
- Business
- Economic Times
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 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 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. ADVERTISEMENT
Time of India
21-05-2025
- Business
- Time of India
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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Articles Vally '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. Live Events 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.
