Insolvency Plea
IREDA files insolvency plea against Gensol EV Lease for INR 2.2 bln debt
This story was originally published at 19:56 IST on 16 May 2025
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NEW DELHI – Indian Renewable Energy Development Agency Ltd. has filed an insolvency petition in the National Company Law Tribunal against Gensol Engineering Ltd.'s arm Gensol EV Lease Ltd., for outstanding dues of INR 2.19 billion.
The state-owned company had earlier filed an insolvency petition against Gensol Engineering and the tribunal issued a notice to the latter on Friday. In the case against Gensol Engineering, IREDA had claimed outstanding dues of INR 5.10 billion.
Last month, the Securities and Exchange Board of India said it was probing Gensol Engineering and its promoters for diverting loans taken from Power Finance Corp. Ltd. and Indian Renewable Energy Development Agency. The regulator also issued an interim order against the company and its two promoter-directors, Anmol Jaggi and Puneet Singh Jaggi, barring them from any securities market-related activity and from holding the post of director or any key managerial position in the company till further orders.
SEBI said it had found prima facie that a loan of INR 967 million from PFC taken by Gensol Engineering "was diverted to promoter and promoter-linked entities, bypassing the stated end-use of the PFC loan". The regulator also found that INR 375 million out of a total loan of INR 1.71 billion taken by Gensol EV Lease from IREDA was transferred to Anmol Jaggi. "This aspect needs further examination," SEBI said in the interim order.
The Enforcement Directorate has also conducted searches at Gensol Engineering's offices in Delhi, Gurugram in Haryana, and Ahmedabad in Gujarat and detained Puneet Jaggi from a hotel in Delhi. The raids were conducted under the provisions of the Foreign Exchange Management Act.
On Friday, shares of IREDA ended 3.9% higher at INR 173.29 on the National Stock Exchange, while shares of Gensol Engineering ended 5.0% higher at INR 65.56. End
Reported by Surya Tripathi
Edited by Saji George Titus
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