NCLT recalls order to proceed ex-parte against Gensol EV Lease in IBC case
This story was originally published at 16:45 IST on 9 June 2025
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NEW DELHI – The Ahmedabad bench of the National Company Law Tribunal on Monday recalled its earlier order to proceed "ex-parte" against Gensol EV Lease Ltd. in an insolvency case filed by Indian Renewable Energy Development Agency Ltd. for outstanding dues of INR 2.19 billion. The tribunal asked Gensol Engineering Ltd.'s arm Gensol EV Lease to file a reply within two days and listed the case for hearing on Wednesday.
Last week, the tribunal had proceeded "ex-parte" against Gensol EV Lease after no one from the company's side appeared for the hearing. On Monday, Gensol EV Lease filed an application under Rule 11 of the National Company Law Tribunal Rules, 2016 to set aside the tribunal's last week order.
The tribunal is also hearing insolvency petitions against Gensol Engineering by IREDA and Equentia Financial Service Pvt. Ltd. In April, 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 IREDA. The regulator also issued an interim order against the company and its promoter directors Anmol Singh 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.
On Monday, shares of IREDA closed 4.8% higher at INR 183.24 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Ashish Shirke
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