Insolvency Proceedings
NCLT admits IREDA's plea to start insolvency proceedings against Gensol Engg
This story was originally published at 12:19 IST on 13 June 2025
Register to read our real-time news.Informist, Friday, Jun. 13, 2025
--NCLT admits IREDA plea to start insolvency proceedings against Gensol Engg
--NCLT appoints interim resolution professional for Gensol Engg
NEW DELHI – The Ahmedabad bench of the National Company Law Tribunal on Friday admitted a petition by Indian Renewable Energy Development Agency Ltd. to start insolvency proceedings against Gensol Engineering Ltd. The tribunal appointed an interim resolution professional for Gensol Engineering to carry out the functions as per the Insolvency and Bankruptcy Code, 2016.
Indian Renewable Energy Development Agency, the financial creditor, had alleged a default of INR 5.10 billion by Gensol Engineering under the Insolvency and Bankruptcy Code. The petitioner had sought urgent appointment of an interim resolution professional for the debt-ridden company. Gensol's directors have walked out, the company is now headless, Indian Renewable Energy Development Agency had argued.
The Ahmedabad bench of the tribunal is also hearing insolvency petition by Indian Renewable Energy Development Agency against Gensol Engineering's arm Gensol EV Lease Ltd. The tribunal on Friday reserved its order regarding that case and will pronounce the verdict against Gensol EV Lease Ltd. at 1630 IST.
There are insolvency petitions against Gensol Engineering's arm Gensol Electric Vehicles Pvt. Ltd. and its related company BluSmart Mobility Pvt. Ltd. in the Mumbai and Ahmedabad tribunal, respectively. These petitions are yet to be admitted by the bankruptcy tribunals.
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, 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 1206 IST, the shares of Indian Renewable Energy Development Agency Ltd. were down 3.6% at INR 169.31 on the National Stock Exchange, while those of Gensol Engineering were down 2% at INR 49.38. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Vandana Hingorani
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
