The Indian Renewable Energy Development Agency (Ireda) on Wednesday said it has filed a bankruptcy application against beleaguered Gensol Engineering before the National Company Law Tribunal.
According to a regulatory filing, Ireda has filed an application on May 14, 2025, under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Gensol Engineering Limited, a listed company bearing an amount of default of around ₹510 crore.
Last month, in an interim order, Sebi barred Gensol Engineering and promoters — Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities markets till further orders in a fund diversion and governance lapses case.
On May 12, Jaggi brothers resigned from the company following market regulator Sebi’s interim order, according to an exchange filing. Anmol Singh Jaggi held the post of managing director while Puneet Singh Jaggi was a whole-time director.
Meanwhile, Gensol Engineering on Wednesday said the Securities Appellate Tribunal (SAT) disposed of its appeal but allowed the company to file its response on Sebi’s interim order to bar the firm and its promoters from the securities market.
In a regulatory filing, the company said the appeal filed by it before SAT has been disposed of, granting it an opportunity to file its response to Sebi’s interim order within two weeks.
It further informed that the markets regulator has been given directions to hear the company within two weeks thereafter and pass an appropriate order within four weeks. The tribunal has given no observations on Sebi’s interim order, it stated.
In its order on April 15, 2025, Sebi also debarred Jaggi brothers from holding the position of a director or key managerial personnel in Gensol until further orders.