New Delhi: State-owned India Renewable Energy Development Authority (IREDA) filed a bankruptcy filing against Gensol Engineering Ltd on Wednesday for breach of contract ₹According to Rs 5.1 crore filed on exchanges filed on clean energy-centric lenders.
The development comes nearly three weeks after IREDA filed a complaint against the Ministry of Economic Crime (EOW) of Gensol Engineering with Delhi Police for allegedly filing forged documents and dilution of the promoter shares without lender approval.
“To facilitate our earlier date of M/S Gensol Engineering Limited is 25.04.2025 ₹510,00,52,672/ – (Rs 5,000 crore, only 5,6722122221 taels).
Informing its complaint with EOW on April 25, Ireda said Gensol’s account is currently under pressure but is not classified as a non-performance asset (NPA). It also said it had begun an internal review under RBI guidelines and the company’s due diligence agreement.
In the focus of attention
The issue caught the attention in an April 15 order from the market regulator Sebi (SEC in India), which banned Gensol’s promoters (Anmol Singh Jaggi and Puneet Singh Jaggi) from trading from securities markets, as well as trading in Gensol or any other listed companies or other listed companies and Forensic Audits and Forensic Audits and Forensic Audensic Compand of Gensol Post.
The SEBI investigation found that the founders of Clean Technology Company withdraw loans from state-run lenders Power Finance Corp. (PFC) and IREDA to provide non-related and personal expenses.
Gensol allegedly forged letters from PFC and IREDA to show that its debt obligations to lenders are routine, the ICRA rating agency emphasized in a statement. Another rating agency nursing also mentioned communications such as lender’s certificate of objection.
According to market regulators, in fiscal 22 and fiscal 24, IREDA and PFC borrow between Gensol ₹31.15 billion and ₹Blusmart, an electric vehicle ride-hailing business company used to purchase electric vehicles, is 3.524 million respectively. 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 ₹2621 million uncollected,
Another state-owned lender, PFC, also filed a complaint with the Economic Crime Department, which filed forged documents in Gensol.
