India’s IREDA files bankruptcy case against Gensol Engineering

The Indian Renewable Energy Development Agency (Ireda) has submitted a request against the publicly listed Gensol Engineering for the loan of 5.1 billion rupees ($ 59.73 million).

The legal procedure comes in the middle of the ongoing investigation by the Securities and Stock Exchange Council in India (Sebi) due to the failure to transfer alleged funds and governance management.

Sibi earlier prevented Gensal and its promoters, Anamol Singh Gagi and Bonnet Singh Gagi, from reaching the stock market.

Ireda and Finance Corporation (PFC) provided a 9.7 billion rupees to Gensol. Of the total loan amount, Gensol allocated 6.6 billion rupees to buy Evsnfor Blusmart.

According to a temporary decision issued by SEBI in April 2025, Gensol then purchased 4,704 vehicles for the punishable commitment to 6,400 EVS, leaving up to 2.62 billion rupees.

In a file with the stock exchanges, Erida stated: “In strengthening our previous speech dated April 25, 2025, with regard to the M/S Gensol Engineering Limited, this is to inform you that the company has submitted a request today, May 14, 2025, according to Article 7 of the amount of back and bankruptcy, 2016, 2016, M/S Gensol Engineering Ltd. 510,00,00,52,672.

Ireda, “Navratna” (literally means “nine jewels stones”-a designation given to the higher public sector institutions) is the government of India’s government under the administrative control of the new and renewable Ministry of Energy, and it is a generally limited government company established in 1987 as a non-banking financial institution.

The company participates in promoting, developing and expanding financial assistance to create projects related to new and renewable sources of energy and energy efficiency.

Gensol supports the assignment of solar consulting, implementation and operating services for solar energy projects in India and abroad. It has a group of more than 33,693 megawatts.

“Ireda’s bankruptcy case in India against Gensol Engineering” was originally created and published by Power Technology, a brand owned by Globaldata.

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