Gensol Engineering has been in the spotlight since April, when SEBI barred the company’s promoters from the securities market for alleged fund diversions and corporate governance lapses. Photo: X/@GensolGroup
State-run Indian Renewable Energy Development Agency Ltd. (IREDA) on Friday (May 16, 2025) moved an insolvency petition against Gensol Engineering Ltd before the National Company Law Tribunal (NCLT), Ahmedabad, following which NCLT directed for issue of notices to Gensol and posted the case for hearing on June 3.
IREDA filed the petition against Gensol on May 14 under Section 7 of the Insolvency & Bankruptcy Code claiming a default of over ₹510 crore, which it had earlier mentioned in a stock exchange announcement.
On Friday’s hearing, IREDA sought for NCLT to appoint Interim Resolution Professional (IRP) for Gensol citing the Securities and Exchange Board of India’s (SEBI) interim order against the company.
IREDA said the company is headless and directors have walked out post SEBI order and the company has projects worth crores of rupees and somebody needs to manage the show.
However, NCLT, Ahmedabad Judicial Member Shammi Khan and Technical Member Sanjeev Kumar said they are not inclined to accept the request and said they will hear the parties first after issuing notices and posted the case for hearing on June 3.
Gensol Engineering has been in the spotlight since April, when SEBI barred the company’s promoters — brothers Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities market for alleged fund diversions and corporate governance lapses. The brothers have resigned from the company post SEBI’s order.
BluSmart Mobility, an e-cab service promoted by Mr. Anmol Singh Jaggi has suspended operations since the SEBI order.
The Ministry of Corporate Affairs (MCA) has started an investigation into the functioning of both BluSmart Mobility and Gensol Engineering, The Hindu had reported on May 6.
Published – May 16, 2025 11:53 am IST