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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.
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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.
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BYJU’S insolvency saga: Shailendra Ajmera appointed new IRP
Inshorts
·
5m ago
Medial
The Bengaluru bench of the National Company Law Tribunal (NCLT) has appointed Shailendra Ajmera as the new insolvency resolution professional (IRP) of troubled edtech startup BYJU'S. The order also noted that the members of BYJU's committee of creditors, passed a resolution to replace the outgoing IRP Srivastava with Ajmera. 99.82% of the members voted in favour of Ajmera.
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NCLAT Directs NCLT to Decide on BCCI-Byju's Dispute within Seven Days
OutlookIndia
·
6m ago
Medial
The National Company Law Appellate Tribunal (NCLAT) has ordered the National Company Law Tribunal (NCLT) to decide within a week on the Board of Control for Cricket in India's (BCCI) plea for settlement and withdrawal of the insolvency case against Byju's. Riju Raveendran, representing Byju's, challenged a past NCLT order that reinstated two creditors in Byju's Committee of Creditors, arguing it contradicted a settlement agreement with BCCI.
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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).
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NCLT directs disciplinary proceedings against BYJU'S' resolution professional
YourStory
·
6m ago
Medial
The National Company Law Tribunal (NCLT) has ordered disciplinary proceedings against BYJU'S resolution professional, Pankaj Srivastava, for improper conduct and annulled his decision to exclude Glas Trust and Aditya Birla Finance from the edtech's Committee of Creditors (CoC). The tribunal reinstated the previous CoC, recognizing Aditya Birla Finance as a financial creditor, and nullified the resolutions passed by the reconstituted CoC. The Insolvency & Bankruptcy Board of India (IBBI) is tasked with investigating this matter.
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NCLAT tells IRP to take no further steps in Dream11 insolvency; NCLT order to remain for now
Economic Times
·
1y ago
Medial
The National Company Law Appellate Tribunal has instructed the insolvency resolution professional (IRP) to refrain from taking further steps in the insolvency proceedings against Dream11's parent company. The IRP has been allowed to keep the company as a going concern until the matter is heard again on February 23. The insolvency proceedings were initiated by Reward Solutions, alleging default of payment of Rs 7.61 crore by Sporta Technologies, the parent company of Dream11. Sporta argued that there was confusion regarding the payment recipient, and Reward Solutions could not be considered an operational creditor.
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NCLT Directs BYJU’S US-Based Lenders’ To Stake Their Claim Before Resolution Professional
Inc42
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has directed US-based lenders, represented by GLAS Trust, to present their claims to the interim resolution professional (IRP) in the ongoing resolution process for BYJU's US entity. The Tribunal has also given GLAS Trust the freedom to restore its petition based on future developments at the appellate level. GLAS Trust represents more than 100 lenders who have invested in BYJU's US-based operations.
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Hindustan National Glass: NCLAT decides against change of RP, directs NCLT to decide on bids
Economic Times
·
26d ago
Medial
The insolvency appellate tribunal, NCLAT, overturned the NCLT's decision to replace the resolution professional for Hindusthan National Glass Industries (HNG). NCLAT instructed NCLT to proceed with bid approvals per the Supreme Court's directions. The Supreme Court had set aside NCLT's previous orders, as AGI Greenpac's resolution plan lacked necessary CCI approval. The court required HNG's creditors to reevaluate resolutions, particularly considering Independent Sugar Corporation. NCLAT allowed NCLT to finalize Insolvency Resolution Process.
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NCLT Ahmedabad initiates insolvency proceedings against BluSmart
Entrackr
·
10d ago
Medial
NCLT Ahmedabad initiates insolvency proceedings against BluSmart BluSmart Mobility, the electric vehicle ride-hailing startup, has been admitted into insolvency proceedings by the National Company Law Tribunal (NCLT), Ahmedabad, following a creditor petition filed by Catalyst Trusteeship. The tribunal’s order, delivered on July 28, comes as a blow to BluSmart and adds to the growing turbulence faced by the Gurugram-based company. According to tribunal records reviewed by Entrackr, the insolvency process was initiated after BluSmart defaulted on servicing its Rs 15 crore debt raised through 15 secured, redeemable non-convertible debentures (NCDs) issued in April 2023. Catalyst Trusteeship, acting as debenture trustee for InCred Credit Opportunities Fund-I, pointed out that BluSmart was required to redeem the NCDs in equal principal installments. However, repayments were delayed and the company ultimately defaulted on payments totaling over Rs 1.28 crore for the March and April 2025 installments, which breached the Rs 1 crore threshold for triggering action under India’s insolvency law. BluSmart’s counsel tried to defend the company, claiming payment delays were temporary and due to commercial circumstances rather than a genuine inability to pay. The company also flagged procedural issues in the proceedings, including confusion over the dates of default and initial filing defects. Its representatives argued that the petition was a tactic for debt recovery, especially since a related interim regulatory order from SEBI had been issued against BluSmart’s group company, Gensol Engineering, and its promoters just weeks earlier. The NCLT, however, dismissed these objections after considering all evidence, including bank statements, board resolutions, official notices, and a key email from BluSmart’s founder on April 10, 2025, admitting the company’s liability. The bench noted that the existence of the debt and persistent defaults was beyond doubt, and technical objections could not override the substantive lack of payment. It further clarified that regulatory proceedings against related parties did not affect its assessment of the company’s own solvency position. The tribunal admitted the insolvency petition and appointed NPV Insolvency Professionals as the Interim Resolution Professional (IRP). It placed a moratorium prohibiting all legal and recovery actions against BluSmart and directed the IRP to take over management and invite claims from creditors while continuing to operate the ride-hailing business as a going concern through the resolution process. Creditors now have the opportunity to submit revival proposals, but in the absence of a workable plan, BluSmart could be headed for liquidation. BluSmart, once a promising EV ride-hailing startup, has already suspended operations across Delhi-NCR, Bengaluru, and Mumbai since April 2025 after SEBI barred its founders over fund misuse allegations. Over 10,000 drivers were left jobless and unpaid, while customers are still waiting for wallet refunds despite the 90-day promise. The app remains non-functional, and lenders are now planning to sell off 1,500–2,000 EVs. New players like Evera Cabs are absorbing some of the fleet and drivers. Meanwhile, legal proceedings and a forensic audit are underway.
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NCLAT Asks Gensol Entities BluSmart and Matrix to Approach NCLT on Asset Freeze
OutlookIndia
·
2m ago
Medial
The National Company Law Appellate Tribunal (NCLAT) declined to stay an order by the National Company Law Tribunal (NCLT) freezing assets of Gensol Engineering and its related entities. Gensol's subsidiaries, BluSmart Mobility and Matrix Gas and Renewable, must approach NCLT to contest the asset freeze. The tribunal found serious allegations against Gensol, including financial misconduct and mismanagement. The case will be heard again on June 12, 2025, at the Ahmedabad NCLT.
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