Gensol Engineering News

Signodrive Wins Rs 154 Crore Contract to Operate Gensol's 4,000 EV Fleet During Insolvency

Noida-based Signodrive Technologies will operate Gensol Engineering's entire fleet of 4,000 electric vehicles for 24 months at Rs 16,000 per vehicle monthly, totaling around Rs 154 crore. The deal emerges from Gensol's insolvency proceedings following SEBI's action against the Jaggi brothers for fund diversion and loan defaults worth over Rs 500 crore to Indian Renewable Energy Development Agency.

Gensol Engineering: NCLAT Directs NCLT to Hear Former Director's Plea

NCLAT has instructed NCLT to hear and pass an order on the plea of Harsh Singh, former independent director of Gensol Engineering, against an NCLT verdict ordering investigation into individuals associated with the company. Singh has two days to file a stay vacation application. NCLT recently initiated insolvency proceedings against Gensol Engineering and Gensol EV Lease.

Gensol Engineering: NCLT Admits Company Into Insolvency

The National Company Law Tribunal's Ahmedabad bench has admitted Gensol Engineering Ltd. into insolvency following a plea by the Indian Renewable Energy Development Agency Ltd. An interim resolution professional is expected to be appointed from the Insolvency and Bankruptcy Board of India panel.

Gensol Engineering: NCLT Reserves Order on Rs 729 Crore Insolvency Pleas

The NCLT Ahmedabad bench has reserved its order on two insolvency pleas filed by IREDA against Gensol Engineering and its subsidiary for a combined loan default of Rs 729 crore. Gensol Engineering didn't dispute the debt claims. IREDA urges swift appointment of an interim resolution professional citing SEBI's observations. A crucial hearing is scheduled for June 13.

Gensol Engineering: NCLAT Upholds Asset Freeze, Directs Company to NCLT

NCLAT refused to lift the asset freeze on Gensol Engineering's bank accounts, directing the company to approach NCLT. The freeze was imposed due to allegations of corporate fraud and financial misrepresentation. Gensol, owner of BluSmart, is under investigation by multiple regulatory bodies. The company claims the freeze threatens its operations and ability to pay salaries.