Latest news with #RecoveryofDebtsandBankruptcyAct
Mint
23-05-2025
- Business
- Mint
DRT Delhi orders status quo on Gensol assets
The Debts Recovery Tribunal (DRT)-III, Delhi, has directed Gensol Engineering Ltd and its subsidiary, Gensol EV Lease Pvt. Ltd, to maintain the status quo on their secured assets and vehicles. State-run lenders—the Indian Renewable Energy Development Agency (IREDA) and Power Finance Corp. Ltd (PFC)—had approached the tribunal seeking to recover dues totalling approximately ₹ 992 crore. The 22 May order was issued by DRT presiding officer Shiv Kumar, who also issued notices to the Gensol entities and sought their responses. 'In the meantime, defendants (Gensol) are directed to maintain status quo with regard to secured assets/vehicles till the next date fixed,' the tribunal said. The matter is scheduled to be heard next on 28 May. In an exchange filing on 21 May, IREDA said it had filed an original application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, before the DRT-III on 20 May. It is seeking recovery of ₹ 510 crore from Gensol Engineering and ₹ 218.95 crore from Gensol EV Lease. To be sure, IREDA has already initiated bankruptcy proceedings against the two entities. The National Company Law Tribunal (NCLT), Ahmedabad, admitted the matter on 16 May and is set to hear the insolvency plea on 3 June. During the NCLT proceedings, IREDA described the company as 'headless' and urged the tribunal to immediately appoint an interim resolution professional to safeguard Gensol's assets, alleging that its directors had fled following the Securities and Exchange Board of India's (Sebi) order. In an interim order on 15 April, Sebi barred Gensol Engineering and its promoters—Anmol Singh Jaggi and Puneet Singh Jaggi—from accessing the securities market, citing governance lapses and fund diversion. It was probing a June 2024 complaint that alleged the two manipulated the share price and misappropriated funds. The markets regulator also prohibited them from holding any directorial or key managerial positions at Gensol until further notice. According to the regulator, Gensol secured ₹ 977.75 crore in loans, including ₹ 663.89 crore earmarked for the purchase of 6,400 electric vehicles, which were later leased to BluSmart, a related party. It accused the promoters of treating the listed company as a personal entity, using funds to buy a luxury apartment in The Camellias, DLF Gurugram, purchase a premium golf set, pay off personal credit card bills, and transfer money to close relatives. Sebi also directed Gensol to appoint a forensic auditor to examine its books and related-party transactions. On 12 May, the Jaggi brothers resigned from their posts as managing director and whole-time director, respectively.
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.
