India’s IREDA files bankruptcy case against Gensol Engineering

GlobalData

Thu, May 15, 2025, 8:02 AM 2 min read

The Indian Renewable Energy Development Agency Limited (IREDA) has filed an exertion against publically listed Gensol Engineering for a indebtedness default exceeding Rs5.1bn ($59.73m).

The ineligible enactment comes successful the mediate of an ongoing probe by the Securities and Exchange Board of India (SEBI) implicit alleged money diversion and governance failures.

SEBI earlier barred Gensol and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from accessing the securities market.

IREDA and the Power Finance Corporation (PFC) provided a indebtedness worthy Rs9.7bn to Gensol Engineering. Of the full indebtedness amount, Gensol allocated Rs6.6bn to acquisition EVsnfor BluSmart.

According to an interim determination issued by the SEBI successful April 2025, Gensol past purchased 4,704 vehicles against the sanctioned committedness of 6,400 EVs, leaving up to Rs2.62bn unaccounted for.

In a filing with the exchanges, IREDA stated: "In furtherance to our earlier missive dated April 25, 2025, with respect to M/s Gensol Engineering Limited, this is to pass you that the institution has filed an exertion today, May 14, 2025, nether Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Gensol Engineering Ltd., for an magnitude of default of ₹510,00,52,672.”

IREDA, a "navratna" (literally meaning "nine gems" - a designation fixed to top-performing nationalist assemblage enterprises) Government of India endeavor nether the administrative power of the Ministry of New and Renewable Energy, is simply a nationalist constricted authorities institution established successful 1987 arsenic a non-banking fiscal Institution.

The institution is engaged successful promoting, processing and extending fiscal assistance for establishing projects associated with caller and renewable sources of vigor and vigor efficiency/conservation.

Gensol supports the commissioning of star advisory, execution and cognition services for star projects successful India and abroad. It has a portfolio of much than 33,693MW.

"India’s IREDA files bankruptcy lawsuit against Gensol Engineering" was primitively created and published by Power Technology, a GlobalData owned brand.

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