Filing of application before Hon''ble Debt Recovery Tribunal, Delhi against M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited
Awaiting price reaction for this filing.
IREDA has filed an Original Application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 before the Debt Recovery Tribunal (DRT), Delhi on May 20, 2025, against Gensol Engineering Limited and Gensol EV Lease Pvt Limited. The default amount claimed is approximately Rs. 510 crore from Gensol Engineering and Rs. 218.95 crore from Gensol EV Lease, taking the total to roughly Rs. 729 crore. This follows IREDA's earlier communications dated May 14 and May 16, 2025 regarding these defaults. IREDA is a government-backed renewable energy financier, and the Gensol group has been in the news for financial irregularities.
For IREDA, this is a positive step as it formally initiates legal recovery action to recover dues. For Gensol and its lenders/shareholders, this signals serious financial distress and the likelihood of further recovery measures, including potential asset attachment.