Gensol Engineering has been in the spotlight since April, when SEBI barred the company’s promoters from the securities market for alleged fund diversions and corporate governance lapses. Photo: X/@GensolGroup

 State-run Indian Renewable Energy Development Agency Ltd. (IREDA) on Wednesday (May 21, 2025) said it has filed an application before Debts Recovery Tribunal, Delhi against Gensol Engineering Ltd and its arm Gensol EV Lease Pvt Limited claiming a default of about ₹729 crore.

IREDA is claiming a default of about ₹510 crore against Gensol Engineering and ₹218.95 crore against Gensol EV Lease Pvt Ltd respectively, as per a stock exchange filing.

IREDA has already filed a insolvency petition under the provisions of the Insolvency and Bankruptcy Code 2016. 

The National Company Law Tribunal has posted IREDA’s petition against Gensol for hearing on June 3. 

Gensol Engineering has been in the spotlight since April, when Securities and Exchange Board of India (SEBI) barred the company’s promoters — brothers Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities market for alleged fund diversions and corporate governance lapses. The brothers have resigned from the company post SEBI’s order.

BluSmart Mobility, an e-cab service promoted by Mr. Anmol Singh Jaggi has suspended operations since the SEBI order.

Gensol’s Chief Financial Officer Jabirmahendi Mohammedraza Aga resigned recently, citing the challenges faced by the company in wake of the ongoing investigations.