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Gensol Engineering admitted to insolvency by NCLT on Ireda petition
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted Gensol Engineering Limited to Corporate Insolvency Resolution Process (CIRP) on a petition filed by the Indian Renewable Energy Development Agency (Ireda).
Earlier, the NCLT's Ahmedabad bench had approved a request from the Ministry of Corporate Affairs to freeze the assets, bank accounts, and lockers of Gensol Engineering and 37 related entities, following accusations of corporate fraud and mismanagement.
The National Company Law Appellate Tribunal (NCLAT) has declined to unfreeze the assets, bank accounts, and lockers of Gensol Engineering and its associated entities.
This follows an investigation by the Securities and Exchange Board of India (Sebi) into Gensol Engineering, a firm associated with BluSmart, which allegedly misused over ₹200 crore allocated for purchasing electric vehicles.
Sebi has prohibited BluSmart promoters Anmol Singh Jaggi and Puneet Singh Jaggi from holding board positions and accessing the securities market, accusing them of diverting vehicle financing loans to real estate transactions.
Sebi alleges ₹262 crore diverted from EV loan funds
Sebi has alleged that around ₹262 crore -- part of the ₹978 crore in loans given to Gensol Engineering by Ireda and Power Finance Corporation (PFC) -- was misused. The funds were meant for the purchase of 6,400 electric vehicles (EVs) to be leased to BluSmart, but only 4,704 EVs were actually bought. According to Sebi, the money was routed through Go-Auto Pvt Ltd, Gensol's EV supplier, and diverted to companies controlled by the Jaggi brothers.
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