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Informist, Monday, Oct. 13, 2025

 

--NCLT admits Equentia Fin IBC plea against Gensol Engg's Puneet Singh Jaggi

 

By Surya Tripathi

 

NEW DELHI – The Ahmedabad bench of the National Company Law Tribunal Monday admitted a petition by Equentia Financial Services Pvt. Ltd. to initiate personal guarantor insolvency proceedings against Gensol Engineering Ltd.'s co-founder and co-promoter Puneet Singh Jaggi for an unpaid amount of INR 99.14 million. The tribunal passed the insolvency admission order on the basis of the recommendation by Jaggi's interim resolution professional in a report.

 

The tribunal has appointed Ativ Hasmukhbhai Patel as the resolution professional, who will prepare a list of creditors, assist Jaggi in preparing a repayment plan and submit the same, said the tribunal.

 

In 2023, Equentia Financial Services had granted a purchase invoice discounting facility to Gensol Engineering for INR 150 million. Thereafter, a facility agreement was executed between Equentia Financial Services and Gensol Engineering for the same amount. The facility was secured by five undated cheques from Gensol Engineering, cash collateral of 20% of the facility amount, and personal guarantees from the company's co-founders and co-promoters Puneet Singh Jaggi and Anmol Singh Jaggi.

 

In March this year, Gensol Engineering defaulted on the repayment and proposed a repayment plan in tranches. However, Gensol Engineering defaulted even on the repayment plan. 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, which was later confirmed in July, 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.

 

Thereafter, Equentia Financial Services issued a loan recall notice to Gensol Engineering and its personal guarantors in April for immediate payment of its money, along with interests and charges at contractual rates. Further, Equentia Financial Services issued a demand notice to personal guarantor Puneet Singh Jaggi. On failure of the personal guarantors to repay the amount, Equentia Financial Services moved the tribunal to start personal guarantor insolvency proceedings against Puneet Singh Jaggi.

 

On Jun. 13, the Ahmedabad bench of the National Company Law Tribunal had admitted a petition by Indian Renewable Energy Development Agency to start insolvency proceedings against Gensol Engineering. The tribunal appointed an interim resolution professional for Gensol Engineering to carry out the functions as per the Insolvency and Bankruptcy Code, 2016.

 

On Monday, shares of Gensol Engineering ended 5% lower at INR 37.46 on the National Stock Exchange.  End

 

Edited by Ashish Shirke

 

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