IREDA’s Insolvency Petition Against Gensol to be Heard by NCLT on June 3

Indian Renewable Energy Development Agency Ltd. filed an insolvency petition against Gensol Engineering Ltd. before the National Company Law Tribunal (NCLT), Ahmedabad. Following this, the NCLT issued notices to Gensol and scheduled the hearing for June 3.

IREDA filed a petition against Gensol on May 14 under Section 7 of the Insolvency & Bankruptcy Code. It claimed a default of over ₹510 crore.

During Friday’s hearing, IREDA requested the NCLT to appoint an Interim Resolution Professional (IRP) for Gensol, citing SEBI’s interim order against the company.

According to IREDA, the company is clueless, moreover, directors have walked out post the SEBI order. Gensol has projects worth crores of rupees in the pipeline and somebody has to manage it.

Gensol Engineering has been under intense scrutiny since April as SEBI has barred company promoters from the securities market. Company promoters and brothers Anmol Singh Jaggi and Puneet Singh Jaggi were found guilty of misappropriating company funds.