The Nationwide Firm Regulation Tribunal (NCLT), Ahmedabad, on Friday issued a discover to Gensol Engineering, directing it to file a reply over the insolvency plea filed by public sector Indian Renewable Power Growth Company (IREDA).
IREDA plea got here earlier than a two-member bench of the NCLT which posted it for listening to on June 3.
The bench refused the PSU’s request to nominate an Interim Decision Skilled (IRP) to take cost of the corporate as the highest management had exited within the wake of the ban order handed by the market regulator Sebi.
IREDA filed the insolvency petition underneath Part 7 of Insolvency and Chapter Code 2016 earlier than NCLT in opposition to the corporate in respect of the defaults and potential defaults underneath the 5 mortgage amenities availed by the corporate. IREDA had claimed a default of Rs 510 crore.
“The corporate’s operations got here to an entire standstill because of the SEBI interim order dated April 15, 2025 and because of the prejudice emanating from the SEBI, the Firm is dealing with a barrage of litigation and claims from varied events,” the corporate stated in an alternate submitting.
Market regulator SEBI handed an order on April 15, barring Gensol Engineering and promoters — Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities markets until additional orders in a fund diversion and governance lapses case. On Might 12, Jaggi brothers resigned from the corporate following the Sebi’s interim order, in accordance with an alternate submitting. Anmol Singh Jaggi held the publish of Managing Director whereas Puneet Singh Jaggi was a Entire-time Director.
Sebi additionally debarred Jaggi brothers from holding the place of a director or key managerial personnel in Gensol till additional orders.
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The order got here after the regulator acquired a grievance in June 2024 regarding the manipulation of share worth and diversion of funds from GEL and thereafter began analyzing the matter.
The corporate earlier this week stated the Securities Appellate Tribunal (SAT) disposed of its enchantment however allowed the corporate to file its response on Sebi’s interim order to bar the agency and its promoters from the securities market.
In a regulatory submitting, the corporate stated the enchantment filed by it earlier than the SAT has been disposed of, granting it a chance to file its response to Sebi’s interim order inside two weeks. It additional knowledgeable that the markets regulator has been given instructions to listen to the corporate inside two weeks thereafter and cross an acceptable order inside 4 weeks.
The corporate had raised a Rs 900 crore in fairness capital by warrants convertible into fairness shares on a preferential foundation in February 2024.
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