IREDA moves Debt Recovery Tribunal for recovering debt from Gensol Engg, arm
This story was originally published at 16:33 IST on 21 May 2025
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--IREDA files application to recover INR 2.19 bln from Gensol EV Lease
--IREDA files application to recover INR 5.10 bln from Gensol Engg
NEW DELHI – Indian Renewable Energy Development Agency Ltd. has moved the Debt Recovery Tribunal for recovering debts from Gensol Engineering Ltd. and its arm, Gensol EV Lease Pvt. Ltd. Indian Renewable Energy Development Agency is seeking a recovery of INR 5.10 billion dues from Gensol Engineering and INR 2.19 billion dues from Gensol EV Lease, it said in an exchange filing.
Interestingly, the state-owned company has also filed insolvency petitions in the Ahmedabad bench of the National Company Law Tribunal against both companies.
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 raided 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 Wednesday, shares of IREDA ended 1.6% higher at INR 172.21 on the National Stock Exchange, while shares of Gensol Engineering closed 0.7% lower at INR 69.70. End
Reported by Surya Tripathi
Edited by Saji George Titus
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