Latest news with #GensolEngineeringLimited
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.
New Indian Express
14-05-2025
- Business
- New Indian Express
Green energy financier IREDA drags Gensol to bankruptcy court over Rs 510 crore default
State-owned green energy financier Indian Renewable Energy Development Agency (IREDA) is seeking insolvency proceedings against Gensol Engineering over a default of Rs 510 crore, according to an exchange filing. The plea has been filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). 'In furtherance to our earlier letter dated 25.04.2025 with respect to M/s Gensol Engineering Limited, this is to inform you that the Company has filed an application today i.e. May 14, 2025 under Section 7 of Insolvency and Bankruptcy Code, 2016 against M/s Gensol Engineering Limited, for an amount of default of Rs. 510,00,52,672/- (Rupees Five Hundred Ten Crores and Fifty Two Thousand Six Hundred and Seventy Two Only),' said IREDA in an exchange filing. Section 7 of the IBC empowers financial creditors to initiate the Corporate Insolvency Resolution Process (CIRP) against a company that has defaulted. This process begins with an application to the National Company Law Tribunal (NCLT) once a default is established.
