IREDA approaches Debt Recovery Tribunal Delhi to recover Rs 729 Cr from Gensol

The state-run financiers’ moves come after PFC’s preliminary probe finds irregularities in EV deliveries, IREDA’s NCLT petition, respectively.

May 22, 2025 - 12:10

IREDA approaches Debt Recovery Tribunal Delhi to recover Rs 729 Cr from Gensol

The Indian Renewable Energy Development Agency on Wednesday reported that it approached the Debt Recovery Tribunal Delhi in order to recover about Rs 510 crore from Gensol Engineering Limited, and Rs 218.95 crore Gensol EV Lease Pvt Limited, bringing the total to 728.95 crore.

The company, in a stock exchange filing, said that it has “filed an Original Application under Section 19 of The Recovery of Debts and Bankruptcy Act, 1993” on May 20, 2025.

Earlier this week, it was reported that the corporate affairs ministry aims to complete the probe into crisis-hit Gensol Engineering Ltd and 18 other related companies in the next three to five months.

Additionally, the National Financial Reporting Authority (NFRA) was also said to be conducting a preliminary enquiry into Gensol Engineering following a reference from the markets regulator SEBI, as said by NFRA chief Ravneet Kaur.

Last Friday, the NCLT had issued a notice to Gensol Engineering, directing it to file a reply over the insolvency plea filed by the Indian Renewable Energy Development Agency, and listed the matter on June 3 for hearing.

On Saturday, Gensol Engineering's CFO Jabirmahendi Mohammedraza Aga resigned from his position with immediate effect, with the development coming just days after the company's promoters had stepped down.