The NCLT on Friday issued a discover to Gensol Engineering, directing it to file a reply over the insolvency plea filed by the Indian Renewable Vitality Growth Company, and listed the matter on June 3 for listening to.
Indian Renewable Vitality Growth Company’s (Ireda) plea got here for listening to earlier than a two-member Ahmedabad-based bench of the insolvency tribunal NCLT.
The bench, comprising Judicial Member Shammi Khan and Technical Member Sanjeev Kumar Sharma, has directed to checklist the matter on June 3 for the listening to.
Through the proceedings, Ireda requested the bench to nominate an Interim Decision Skilled (IRP) to take cost of the corporate as the highest management has exited, following the order handed by the market regulator Sebi. Nonetheless, the bench refused it.
The Nationwide Firm Legislation Tribunal (NCLT) was listening to a petition filed by Ireda, a monetary creditor of Gensol Engineering, claiming a default of Rs 510 crore.
Gensol’s troubles began after an interim order by the Securities and Trade Board of India (SEBI) handed on April 15, when it barred 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 market regulator Sebi’s interim order, based on an change submitting. Anmol Singh Jaggi held the submit of Managing Director whereas Puneet Singh Jaggi was a Complete-time Director.
Gensol Engineering on Wednesday mentioned the Securities Appellate Tribunal (SAT) disposed of its attraction 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 mentioned the attraction 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 go an applicable order inside 4 weeks.
The tribunal has given no observations on Sebi’s interim order, it acknowledged.
In its order on April 15, 2025, the Sebi additionally debarred Jaggi brothers from holding the place of a director or key managerial personnel in Gensol till additional orders.
The order got here after the Securities and Trade Board of India (Sebi) obtained a grievance in June 2024 referring to the manipulation of share worth and diversion of funds from GEL and thereafter began analyzing the matter.
