Gensol IBC
NCLT admits Gensol Engg group co Blu-Smart Charge into IBC for unpaid dues
This story was originally published at 19:50 IST on 16 January 2026
Register to read our real-time news.Informist, Friday, Jan. 16, 2026
By Surya Tripathi
NEW DELHI – The Ahmedabad bench of the National Company Law Tribunal Friday admitted Gensol Engineering Ltd.'s group company Blu-Smart Charge Pvt. Ltd. into insolvency for unpaid dues of INR 1.43 billion to Catalyst Trusteeship Ltd. The tribunal appointed NPV Insolvency Professionals Pvt. Ltd. as the interim resolution professional for Blu-Smart Charge to carry out the functions under the Insolvency and Bankruptcy Code, 2016.
The Ahmedabad bench of the NCLT in June admitted Gensol Engineering Ltd., a company promoted by Anmol Singh Jaggi and Puneet Singh Jaggi, into bankruptcy. Blu-Smart Charge is a wholly owned subsidiary of Blu-Smart Mobility Ltd., which is also undergoing insolvency proceedings. The bankruptcy tribunals have also initiated insolvency proceedings against Blu-Smart Mobility Tech Pvt. Ltd. and Blu-Smart Fleet Pvt. Ltd. All these companies were promoted by Jaggi brothers.
On Friday, the tribunal said that the materials clearly established that Blu-Smart Charge failed to service its obligations on debentures issued to Catalyst Trusteeship. "In view of the admitted financial debt and default, and considering that the application is complete in all respects and filed within limitation, the requirements of Section 7 of the Insolvency and Bankruptcy Code, 2016 stand satisfied," the tribunal said.
Catalyst Trusteeship extended financial assistance to Blu-Smart Charge for setting up electric vehicle charging hubs throughout India by subscribing to non-convertible debentures amounting to INR 1.25 billion issued by the company. However, Blu-Smart Charge failed to service its obligations, including payment of coupon amounts and other dues in accordance with the terms.
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 order barring Anmol Singh Jaggi and Puneet Singh Jaggi from any securities market-related activity and from holding the post of director or any key managerial position in the company.
Friday, shares of Gensol Engineering ended 4.7% lower at INR 22.29 on the National Stock Exchange. End
Edited by Saji George Titus
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