NCLT admits IREDA's plea to start IBC proceedings against Gensol EV Lease
This story was originally published at 17:31 IST on 13 June 2025
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--NCLT admits IREDA's plea to start IBC proceedings against Gensol EV Lease
--NCLT appoints interim resolution professional for Gensol EV Lease
NEW DELHI – After admitting Gensol Engineering Ltd. for insolvency proceedings early Friday, the Ahmedabad bench of the National Company Law Tribunal later in the day admitted a petition by Indian Renewable Energy Development Agency Ltd. to start insolvency proceedings against the company's arm Gensol EV Lease Ltd. for outstanding dues of INR 2.19 billion. IREDA is the petitioner in both these insolvency petitions.
The tribunal has appointed an interim resolution professional for both Gensol Engineering and its arm Gensol EV Lease to carry out the functions as per the Insolvency and Bankruptcy Code, 2016. Details of the interim resolution professional will be known when the tribunal will upload its order.
Insolvency petitions are also there against Gensol Engineering's arm Gensol Electric Vehicles Pvt. Ltd. and its related company BluSmart Mobility Pvt. Ltd. in the Mumbai and Ahmedabad tribunals, 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 IREDA. 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.
On Friday, shares of IREDA closed 4.7% lower at INR 167.26 on the National Stock Exchange and those of Gensol Engineering ended 2% lower at INR 49.38. End
Reported by Surya Tripathi
Edited by Ashish Shirke
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