Overview

• Indian Renewable Energy Development Agency (IREDA) has filed a bankruptcy application against Gensol Engineering under Section 7 of the Insolvency and Bankruptcy Code, citing a ₹510 crore default.
• SEBI's interim order barred Gensol Engineering and its promoters, Anmol and Puneet Singh Jaggi, from the securities markets over allegations of fund diversion and forged documents.
• The Jaggi brothers resigned from their executive roles at Gensol on May 12, 2025, following SEBI's findings of fraudulent fund misutilization for personal gains.
• Gensol has been given two weeks by the Securities Appellate Tribunal (SAT) to respond to SEBI's interim order, with further hearings expected in the coming weeks.
• Investigations revealed that ₹663.89 crore of loans meant for electric vehicle procurement were diverted to related party BluSmart Mobility, leading to halted operations and investor losses.