Latest news with #TheRecoveryofDebtsandBankruptcyAct
Mint
22-05-2025
- Business
- Mint
Gensol Engineering share price hits lower circuit as IREDA moves to debt recovery tribunal for ₹510 crore claim
Stock Market Today: Gensol Engineering share price hit lower circuit in the morning trades on the NSE on Thursday. The reason for the decline in Gensol Engineering share price was that IREDA or Indian Renewable Energy Development Agency Limited announced moving to debt recovery tribunal for ₹ 510 crore claim Indian Renewable Energy Development Agency Limited or IREDA intimated the National Stock Exchange of India and the BSE or the Bombay Stock Exchange on Wednesday 21 May 2025 post market hours about Filing of Application before Hon'ble Debt Recovery Tribunal, Delhi against M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited As per its release by Indian Renewable Energy Development Agency Limited or IREDA and referring to their earlier letter dated 14.05.2025 and 16.05.2025 with respect to M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited respectively, intimated about its fresh Debt recovery intiatives against Gensol. Indian Renewable Energy Development Agency Limited or IREDA informed that the Company has filed an Original Application under Section 19 of The Recovery of Debts and Bankruptcy Act, 1993 before Hon'ble Debt Recovery Tribunal Delhi on 20.05.2025 for a default amount of Rs. 510,00,52,672/- (Rupees Five Hundred Ten Crore and Fifty Two Thousand Six Hundred and Seventy Two Only) and Rs. 218.95 Crore (Rupees Two Hundred and Eighteen Crore Ninety Five Lakh Only) against M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited respectively. Gensol Engineering share price opened at ₹ 68.30 on the NSE on Thursday. Gensol Engineering share price had opened much lower than the previous days closing price of ₹ 69.70 Notably the opening price of Gensol Engineering share price of ₹ 68.30 on Thursday was also the lower price band for Gensol Engineering share price. Hence the Gensol Engineering share price hit lower circuit at the time of opening on Thursday
Mint
22-05-2025
- Business
- Mint
Gensol Engineering share price hits lower circuit as IREDA moves to debt recovery tribunal for ₹510 crore claim
Stock Market Today: Gensol Engineering share price hit lower circuit in the morning trades on the NSE on Thursday. The reason for the decline in Gensol Engineering share price was that IREDA or Indian Renewable Energy Development Agency Limited announced moving to debt recovery tribunal for ₹ 510 crore claim Indian Renewable Energy Development Agency Limited or IREDA intimated the National Stock Exchange of India and the BSE or the Bombay Stock Exchange on Wednesday 21 May 2025 post market hours about Filing of Application before Hon'ble Debt Recovery Tribunal, Delhi against M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited As per its release by Indian Renewable Energy Development Agency Limited or IREDA and referring to their earlier letter dated 14.05.2025 and 16.05.2025 with respect to M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited respectively, intimated about its fresh Debt recovery intiatives against Gensol. Indian Renewable Energy Development Agency Limited or IREDA informed that the Company has filed an Original Application under Section 19 of The Recovery of Debts and Bankruptcy Act, 1993 before Hon'ble Debt Recovery Tribunal Delhi on 20.05.2025 for a default amount of Rs. 510,00,52,672/- (Rupees Five Hundred Ten Crore and Fifty Two Thousand Six Hundred and Seventy Two Only) and Rs. 218.95 Crore (Rupees Two Hundred and Eighteen Crore Ninety Five Lakh Only) against M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited respectively. Gensol Engineering share price opened at ₹ 68.30 on the NSE on Thursday. Gensol Engineering share price had opened much lower than the previous days closing price of ₹ 69.70 Notably the opening price of Gensol Engineering share price of ₹ 68.30 on Thursday was also the lower price band for Gensol Engineering share price. Hence the Gensol Engineering share price hit lower circuit at the time of opening on Thursday Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
22-05-2025
- Business
- Time of India
Ireda moves DRT against Gensol entities
MUMBAI: Indian Renewable Energy Development Agency ( Ireda ) moved the Debt Recovery Tribunal (DRT), Delhi, against Gensol Engineering and Gensol EV Lease over a default of Rs 729 crore, the state-owned power financier said in a stock exchange filing on Wednesday. The application was filed on May 20 under Sec 19 of The Recovery of Debts and Bankruptcy Act, 1993. The company is seeking to recover Rs 510 crore from Gensol Engineering and Rs 219 crore from Gensol EV Lease. Ireda has also taken the two Gensol entities to the Insolvency court . Troubles at Gensol unfolded after a Sebi investigation last month 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. In April, Ireda filed a complaint with the Economic Offences Wing (EoW) against Gensol. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
21-05-2025
- Business
- Mint
IREDA approaches DRT Delhi to recover about ₹729 cr from Gensol Engineering, its arm
New Delhi, May 21 (PTI) State-owned Indian Renewable Energy Development Agency on Wednesday said it has approached the Debt Recovery Tribunal Delhi to recover about ₹ 729 crore from Gensol Engineering and Gensol EV Lease Pvt Ltd. Earlier, Indian Renewable Energy Development Agency (IREDA) had filed a bankruptcy application against beleaguered Gensol Engineering as well as its electric vehicle leasing unit Gensol EV Lease Ltd. In an exchange filing, IREDA stated that it has filed an "original application under Section 19 of The Recovery of Debts and Bankruptcy Act, 1993 before Debt Recovery Tribunal Delhi on May 20, 2025 for a default amount of ₹ 510,00,52,672 and Rs. 218.95 crore against Gensol Engineering Ltd and Gensol EV Lease Pvt Ltd respectively". The agency on May 14 filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Gensol Engineering Limited for the default amount of ₹ 510 crore. It also filed a bankruptcy application on May 15 against Gensol EV Lease Ltd, a subsidiary of Gensol Engineering Ltd, for a default of ₹ 218.95 crore. Last month, in an interim order, 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 case. On May 12, Jaggi brothers resigned from the company following market regulator Sebi's interim order, according to an exchange filing. Anmol Singh Jaggi held the post of Managing Director while Puneet Singh Jaggi was a Whole-time Director. In its order on April 15, 2025, the Sebi debarred Jaggi brothers from holding the position of a director or key managerial personnel in Gensol until further orders. The 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. In the 29-page order, Sebi had said, "The prima facie findings have shown mis-utilisation and diversion of funds of the company (GEL) in a fraudulent manner by its promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also the direct beneficiaries of the diverted funds". Gensol Engineering's promoters treated the listed company as a proprietary firm, diverting corporate funds to buy a high-end apartment in The Camellias, DLF Gurgaon, splurging on a luxury golf set, paying off credit cards, and transferring money to close relatives, Sebi said in its interim order. "The company has attempted to mislead Sebi, the CRAs (credit rating agencies), the lenders and the investors by submitting forged conduct letters purportedly issued by its lenders," the regulator had said. The noticees 1, 2 and 3 (GEL, Anmol and Puneet Singh Jaggi) are alleged to have violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules, it had added. Sebi had noted that the promoters were running a listed public company as if it were a proprietary firm. GEL's funds were routed to related parties and used for unconnected expenses as if the company's funds were promoters' piggy banks. According to the regulator, the company secured a total of ₹ 977.75 crore in loans, of which ₹ 663.89 crore was meant specifically for the purchase of 6,400 electric vehicles (EVs). EVs were procured by the company and subsequently leased to BluSmart, a related party. The result of these transactions would mean that the diversions at some time need to be written off from Gensol's books, ultimately resulting in losses to the investors of the company. The internal controls at Gensol appear to be loose, and through the quick layering of transactions, funds have seamlessly flowed to multiple related entities/individuals, the regulator had said.
Mint
21-05-2025
- Business
- Mint
IREDA approaches DRT Delhi to recover ₹729 crore from Gensol Engineering
State-owned Indian Renewable Energy Development Agency on Wednesday said it has approached the Debt Recovery Tribunal Delhi to recover about ₹ 729 crore from Gensol Engineering and Gensol EV Lease Pvt Ltd. Earlier, Indian Renewable Energy Development Agency (IREDA) had filed a bankruptcy application against beleaguered Gensol Engineering as well as its electric vehicle leasing unit Gensol EV Lease Ltd. In an exchange filing, IREDA stated that it has filed an "original application under Section 19 of The Recovery of Debts and Bankruptcy Act, 1993 before Debt Recovery Tribunal Delhi on May 20, 2025 for a default amount of ₹ 510,00,52,672 and Rs. 218.95 crore against Gensol Engineering Ltd and Gensol EV Lease Pvt Ltd respectively". The agency on May 14 filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Gensol Engineering Limited for the default amount of ₹ 510 crore. It also filed a bankruptcy application on May 15 against Gensol EV Lease Ltd, a subsidiary of Gensol Engineering Ltd, for a default of ₹ 218.95 crore. Last month, in an interim order, 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 case. On May 12, Jaggi brothers resigned from the company following market regulator Sebi's interim order, according to an exchange filing. Anmol Singh Jaggi held the post of Managing Director while Puneet Singh Jaggi was a Whole-time Director. In its order on April 15, 2025, the Sebi debarred Jaggi brothers from holding the position of a director or key managerial personnel in Gensol until further orders. The 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. In the 29-page order, Sebi had said, "The prima facie findings have shown mis-utilisation and diversion of funds of the company (GEL) in a fraudulent manner by its promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also the direct beneficiaries of the diverted funds". Gensol Engineering's promoters treated the listed company as a proprietary firm, diverting corporate funds to buy a high-end apartment in The Camellias, DLF Gurgaon, splurging on a luxury golf set, paying off credit cards, and transferring money to close relatives, Sebi said in its interim order. "The company has attempted to mislead Sebi, the CRAs (credit rating agencies), the lenders and the investors by submitting forged conduct letters purportedly issued by its lenders," the regulator had said. The noticees 1, 2 and 3 (GEL, Anmol and Puneet Singh Jaggi) are alleged to have violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules, it had added. Sebi had noted that the promoters were running a listed public company as if it were a proprietary firm. GEL's funds were routed to related parties and used for unconnected expenses as if the company's funds were promoters' piggy banks. According to the regulator, the company secured a total of ₹ 977.75 crore in loans, of which ₹ 663.89 crore was meant specifically for the purchase of 6,400 electric vehicles (EVs). EVs were procured by the company and subsequently leased to BluSmart, a related party. The result of these transactions would mean that the diversions at some time need to be written off from Gensol's books, ultimately resulting in losses to the investors of the company. The internal controls at Gensol appear to be loose, and through the quick layering of transactions, funds have seamlessly flowed to multiple related entities/individuals, the regulator had said.
