🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
✕
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator →
Log In
News on Medial
Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default
Entrackr
·
2m ago
Medial
Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default The Indian Renewable Energy Development Agency (IREDA) has moved the National Company Law Tribunal (NCLT) against Gensol Engineering Ltd, seeking insolvency proceedings over a Rs 510 crore loan default, according to a regulatory filing made to the Bombay Stock Exchange (BSE). As per the filing, IREDA has filed the application under Section 7 of the Insolvency and Bankruptcy Code (IBC), showing a significant step in its attempt to recover dues from the Ahmedabad-based renewable energy firm. Gensol, which has been active in engineering, procurement, and construction (EPC) services for solar power projects, as well as in the electric mobility space, had taken loans amounting to over Rs 977 crore from IREDA and Power Finance Corporation (PFC). Out of Rs 977 crore, around Rs 664 crore was allocated for purchasing EVs for BluSmart, an electric ride-hailing platform co-founded by Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi. This insolvency action comes just weeks after IREDA complained to the Economic Offences Wing (EOW), accusing Gensol of diverting funds and submitting false documents. The agency also said the company’s promoters reduced their shareholding without informing the lender. Following the controversy, market regulator SEBI barred both Jaggi brothers from holding any executive or directorial positions in listed companies. The duo stepped down from their respective roles on May 12. Gensol, once considered a rising player in India’s green mobility and solar infra push, is now facing a potential corporate insolvency resolution process (CIRP), subject to admission by the National Company Law Tribunal (NCLT).
View Source
1
Related News
NCLT directs insolvency against Gensol, Gensol EV Lease; appoints IRP
Economic Times
·
1m ago
Medial
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Gensol Engineering and Gensol EV Lease after petitions by the Indian Renewable Energy Development Agency (IREDA). The tribunal found both companies in financial default, with Gensol Engineering owing Rs 510 crore and Gensol EV Lease Rs 218.95 crore. Interim resolution professionals have been appointed, and the companies' boards have been suspended. These proceedings follow earlier regulatory actions against Gensol's promoters for governance issues.
View Source
SAT allows Gensol to file response to SEBI’s interim order
YourStory
·
2m ago
Medial
The Securities Appellate Tribunal (SAT) has permitted Gensol Engineering to respond to the Securities and Exchange Board of India's (SEBI) interim order. SEBI’s investigation revealed misuse and diversion of company funds by Gensol's promoters, Anmol and Puneet Singh Jaggi. The tribunal allowed Gensol two weeks to respond, following which SEBI will decide within four weeks. The firm also faces insolvency proceedings from IREDA over a Rs 510 crore default amid board resignations and compliance issues.
View Source
NCLT to hear Ireda's insolvency plea against Gensol next month: Report
Economic Times
·
2m ago
Medial
The National Company Law Tribunal (NCLT) has issued a notice to Gensol Engineering following an insolvency plea by the Indian Renewable Energy Development Agency (Ireda), linked to a Rs 510 crore default. A bench instructed notice to be served to Gensol and scheduled a hearing on June 3. This development follows the resignation of cofounders Anmol and Puneet Singh Jaggi, who faced Securities and Exchange Board of India (Sebi) charges for financial misconduct.
View Source
Ireda files insolvency plea against Gensol Engineering over Rs 510 crore default
Economic Times
·
2m ago
Medial
Indian Renewable Energy Development Agency (Ireda) has initiated insolvency proceedings against Gensol Engineering due to a Rs 510 crore default. The power financier submitted a plea under Section 7 of the Insolvency and Bankruptcy Code, seeking to address the financial discrepancy, as stated in an exchange filing. This legal action highlights the severity of the default and underscores the financial challenges faced by Gensol Engineering.
View Source
Gensol-BluSmart Fiasco: IREDA Files Insolvency Plea Over ₹510 Crore Default
OutlookIndia
·
2m ago
Medial
The Indian Renewable Energy Development Agency (IREDA) has filed an insolvency application against Gensol Engineering Limited for defaulting on a loan exceeding ₹510 crore. Gensol had borrowed ₹977.75 crore from IREDA and Power Finance Corporation to purchase electric vehicles for BluSmart but acquired fewer vehicles than committed. Consequently, IREDA and PFC lodged complaints for manipulated debt documents. Amid regulatory scrutiny and financial misconduct allegations, Gensol's managing directors resigned following SEBI's interim order banning their market access.
View Source
IREDA Drags Gensol to Debt Recovery Tribunal Over INR 729 Cr Recovery
StartupTalky
·
2m ago
Medial
Indian Renewable Energy Development Agency (IREDA) has taken Gensol Engineering to the Delhi Debt Recovery Tribunal (DRT) to recover INR 729 crore, citing debt defaults totaling INR 510 crore by Gensol and INR 218.95 crore by Gensol EV Lease. The case follows accusations by SEBI that Gensol's promoters misused company funds. This situation has also impacted BluSmart, an affiliated EV firm, leading to operational shutdowns and legal actions against Gensol's promoters.
View Source
IREDA says Gensol promoters diluted equity without lender approval, files EoW complaint
YourStory
·
3m ago
Medial
Indian Renewable Energy Development Agency (IREDA) filed a complaint with the Economic Offences Wing against Gensol Engineering's promoters for diluting their shareholding without lender approval, breaching contract terms. Focused on buying electric vehicles, Gensol faces scrutiny due to alleged fund misuse by its promoters Anmol and Puneet Singh Jaggi. BluSmart, associated with Gensol, ceased operations, intensifying lender concerns about potential non-performing assets. The issue is under internal review, with IREDA aiming for remedial actions.
View Source
Gensol Engineering Suffers Another Blow As CEO Aga Quits
OutlookIndia
·
2m ago
Medial
Gensol Engineering is facing significant challenges as its CFO, Jabirmahendi Mohammedraza Aga, resigned after just two months, citing operational dysfunction and lack of support. This follows the resignation of the company's Managing Director and Whole-time Director after SEBI barred them from key positions due to misconduct. The Indian Renewable Energy Development Agency is seeking to recover Rs 510 crore, claiming default on loans to Gensol. SEBI found funds meant for EV procurement were improperly diverted.
View Source
PFC files complaint with economic offences wing against Gensol Engineering
VCCircle
·
3m ago
Medial
India's Power Finance Corp (PFC) has filed a complaint against Gensol Engineering with the economic offences wing, alleging falsified document submissions. Concurrently, PFC is conducting an internal investigation under its anti-fraud policy. Gensol’s founders have been barred from key positions by India's markets regulator due to alleged debt default for their startup BluSmart Mobility. Despite Gensol denying defaulting, the company faces challenges, including stock decline and executive resignations, after a 3.52 billion rupee loan from PFC.
View Source
Gensol CFO Jabirmahendi Mohammedraza Aga resigns
YourStory
·
2m ago
Medial
Gensol Engineering's CFO, Jabirmahendi Mohammedraza Aga, has resigned amidst regulatory investigations and resignations of the company's promoters. Aga cited the immense pressure from ongoing challenges and disorganized data hindering responses to inquiries, affecting his well-being and ability to perform his duties. The company faces scrutiny for alleged financial misconduct, including fund diversion for personal use by related parties, and has been issued an insolvency notice by NCLT with a hearing set for June 3.
View Source
Trackers
Active Indian VC’s
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything that’s happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in