The PFC plans to relocate the national court to recover Gensol loans, two are aware of the problem, adding that it may be close to the serious fraud investigation office and the economic crime force of the Delhi police. Weirdly, Gensol’s lender did not find the difference earlier, despite the company buying and assuming fewer cars than borrowed. The gap was not marked after the lender transferred the last installment of the loan to the company.
Two former Gensol directors said on condition of anonymity that lenders should be aware of the difference.
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“As directors, we only look at audited financial statements, but lenders should know the assumptions.” To be sure, four of Gensol’s five independent directors resigned last month.
Between FY22 and FY24, IREDA and PFC borrow Gensol ₹31.15 billion and ₹3.524 million yuan purchased for electric cars. Gensol proposes another ₹166 million equity capital, bringing the total amount to ₹8.299 million. The money is used to purchase 6,400 electric vehicles. However, the company bought only 4,704 cars ₹5677 million, leave ₹On April 15, the Securities and Exchange Commission of India (SEBI) had not divided 26.21 billion.
“The lender’s doomsday process has been lost,” said Shriram Subramanian, managing director of agency consulting firm Ingovern. “Lenders should have raised an alert more than a year ago that assumptions about them have decreased.”
Subramanian added: “How they do this is a mystery. Whether it is necessary to investigate the condon of IREDA and PFC employees.”
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Amarjit Chopra, former chairman of the Institute of Chartered Accountants (ICAI), said lenders must also be held responsible for Gensol’s miserable defeat.
“Vehicles need to be assumed together with lenders. When buying fewer cars, they are obviously not assumed, and lenders will not have basic details like the chassis number of so many cars. How are they so careless?” Chopra said.
Gensol, Ireda and PFC did not respond Mint Query sent on Friday.
However, two PFC officials told Mint In anonymous condition, they monitored the Trust and Retention Account (TRA) that deposited the loan to ensure it was transferred to the vehicle dealer – Auto Pvt. Limited – As expected.
“We have monitored the TRA and found that the utilization has been used for the intended purpose. So at least we cannot think there may be any transfers,” one of the officials said.
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“I can say that 90% of the amount that has been used to buy the vehicle, we also got the assumptions that favor us. So for the balance 10%, we have not yet obtained utilization.”
According to the temporary order of SEBI, PFC borrowed ₹3.524 million to Gensol buy electric vehicles among three commanders between FY23 and FY24; the last batch was transferred a year ago.
Ireda borrows ₹3.115 million of the six drivers who bought electric cars between FY22 and FY23 went to Gensol. It also borrowed ₹The company’s core solar engineering, procurement and construction (EPC) business was in FY24, and the company provided Rs 31.3 crore to the company in two branches in FY24.
A PFC official said the lender had sufficient security for its loans to Gensol, including the company’s cars and stocks. However, an auction car will be the last choice.
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“There will be many people interested in the fleet of cars. Many operators will be interested. The auction means that the value will be lower. We will explore all available options.” Gensol allegedly forged documents and will contact SFIO to show that repayment of debt to the PFC and that another state-owned lender, the Renewable Energy Development Agency of India (IREDA), is routine.
Ms Sahoo, former chairman of the Governing Body of the Insolvency and Bankruptcy Commission of India (IBBI), said: “Even a day’s breach of contract ₹$100 million is enough to get financial creditors to go to NCLT.
