NCLT to hear IREDA'S gensol insolvency petition on june 3

 The National Company Law Tribunal (NCLT) has scheduled a hearing for June 3, 2025, regarding an insolvency petition filed by the Indian Renewable Energy Development Agency (IREDA) against Gensol Engineering. IREDA, a state-owned financial institution, filed the petition under Section 7 of the Insolvency and Bankruptcy Code, citing a loan default of ₹510 crore by Gensol. The tribunal has issued a notice to Gensol, directing the company to respond to the allegations.

This legal action follows a series of regulatory challenges for Gensol Engineering. In April 2025, the Securities and Exchange Board of India (SEBI) issued an interim order barring Gensol and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from accessing the securities markets due to alleged fund diversion and governance lapses. Subsequently, both promoters resigned from their positions within the company

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