NCLT notice to Gensol Electric Vehicles on insolvency plea by Vivriti Capital
This story was originally published at 11:41 IST on 10 June 2025
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--NCLT to hear Vivriti Capital plea against Gensol Electric Vehicles Jun 23
--NCLT notice to Gensol Electric Vehicles on Vivriti Capital insolvency plea
NEW DELHI – The Mumbai bench of the National Company Law Tribunal on Tuesday issued a notice to Gensol Engineering Ltd.'s arm Gensol Electric Vehicles Pvt. Ltd. on an insolvency petition by Vivriti Capital Pvt. Ltd. for an unpaid amount of INR 38.70 millions. The tribunal will hear Vivriti Capital's insolvency plea against Gensol Electric Vehicles on Jun. 23.
The case has its genesis in an INR 50-million loan facility given by Vivriti Capital to Gensol Electric Vehicles to meet the latter's working capital requirements. The petitioner said Gensol Electric Vehicles had defaulted on installments on Mar. 5. Thereafter, the petitioner recalled its loan facility in May and demanded that Gensol Electric Vehicles pay back the entire loan amount.
The Ahmedabad bench of the tribunal is also hearing insolvency petitions against Gensol Engineering and its arm Gensol EV Lease 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 Indian Renewable Energy Development Agency Ltd. The regulator also issued an interim order against Gensol Engineering 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.
Last month, the Ahmedabad bench of the tribunal had ordered freezing the bank accounts of Gensol Engineering, its 10 subsidiaries that included Gensol Electric Vehicles, and several individuals on a plea by the central government. The Centre had filed the petition alleging that the affairs of Gensol Engineering and its arms were being conducted in a manner prejudicial to the company's interests.
At 1132 IST, shares of Gensol Engineering were down 2.0% at INR 52.47 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Avishek Dutta
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