IREDA Takes Gensol to Debt Tribunal Over ₹729 Crore Default
State-run Indian Renewable Energy Development Agency Ltd. (IREDA) on Wednesday, May 21, 2025, announced that it has filed an application with the Debt Recovery Tribunal in Delhi against Gensol Engineering Ltd and its subsidiary, Gensol EV Lease Pvt Ltd, over a default of approximately ₹729 crore.
IREDA Takes Gensol to Debt Tribunal Over ₹729 Crore Default
State-run Indian Renewable Energy Development Agency Ltd. (IREDA) on Wednesday, May 21, 2025, announced that it has filed an application with the Debt Recovery Tribunal in Delhi against Gensol Engineering Ltd and its subsidiary, Gensol EV Lease Pvt Ltd, over a default of approximately ₹729 crore.
As per an exchange filing, the PSU is claiming a default of about ₹510 crore against Gensol Engineering and ₹218.95 crore against Gensol EV Lease Pvt Ltd.
Based on the current developments, the National Company Law Tribunal (NCLT) has scheduled a hearing on June 3.
Notably, Gensol Engineering has been accused of indulging in corporate malpractices. On April 15, Securities and Exchange Board of India (SEBI) banned company promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market.
Following SEBI’s order, BluSmart Mobility has suspended its operations.
Gensol’s Chief Financial Officer Jabirmahendi Mohammedraza Aga stepped down from his position highlighting the challenging environment in the company amid ongoing investigations.
