NCLT admits insolvency pleas against Gensol and EV arm over ₹728 cr default
Indian Renewable Energy Development Agency
(Ireda) against
Gensol Engineering
Ltd (GEL) and its electric vehicle leasing subsidiary,
Gensol EV Lease Pvt Ltd
(GEVL), initiating corporate insolvency resolution processes (CIRP) against both entities, reports ToI.
In its petition against Gensol Engineering, Ireda cited a default of ₹510 crore related to term loans extended for various renewable energy projects undertaken by the company. The tribunal, while admitting the case under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, noted that Ireda had sufficiently demonstrated the existence of financial debt and a default.
Separately, insolvency proceedings were also initiated against GEVL over unpaid dues amounting to ₹218 crore. GEVL had borrowed funds through multiple term loans to support its electric vehicle leasing operations and related infrastructure projects. The defaults, according to Ireda, were triggered under cross-default clauses tied to Gensol Engineering's loan repayments.
The borrowings were backed by personal guarantees from promoters
Anmol Singh Jaggi
and Puneet Singh Jaggi, as well as corporate guarantees from Gensol Engineering.
The insolvency admission marks a significant development for the Gensol group, which has been active in the clean energy and EV mobility sectors.
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