US EditionNCLT Issues Notice to Gensol on Ireda's ₹510 Crore Insolvency Plea
- On May 16, 2025, the Ahmedabad bench of the tribunal handling company law matters issued a notice concerning IREDA’s ₹510 crore insolvency petition against Gensol Engineering Ltd.
- This plea followed SEBI's April 15, 2025 interim order accusing Gensol promoters Anmol and Puneet Singh Jaggi of fund diversion and corporate governance failures, leading to their resignation on May 6.
- Gensol faces loan defaults exceeding ₹510 crore, regulatory probes including an Enforcement Directorate raid, leadership exits, and multiple court orders seizing hundreds of electric vehicles linked to Gensol and BluSmart.
- SEBI's preliminary investigation revealed that the promoters of Gensol Engineering Limited, the Jaggi brothers, were involved in the improper use and redirection of the company’s funds through deceptive practices.
- NCLT declined IREDA's request for an interim resolution professional and scheduled a hearing for June 3, 2025, indicating the tribunal will first hear Gensol before further action.
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India’s IREDA files bankruptcy case against Gensol Engineering
The Indian Renewable Energy Development Agency Limited (IREDA) has filed an application against publicly listed Gensol Engineering for a loan default exceeding Rs5.1bn ($59.73m). The legal action comes in the middle of an ongoing probe by the Securities and Exchange Board of India (SEBI) over…
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Leaning Left1Leaning Right2Center2Last UpdatedBias Distribution40% Center, 40% Right
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- 40% of the sources are Center, 40% of the sources lean Right
40% Right
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C 40%
R 40%
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