NCLT to Hear IREDA's ₹510 Crore Insolvency Plea Against Gensol Engineering on June 3

The National Company Law Tribunal (NCLT) will hear an insolvency petition filed by the Indian Renewable Energy Development Agency (IREDA) against Gensol Engineering on June 3. The plea follows an alleged loan default of ₹510 crore and the resignation of Gensol’s top leadership. 

IREDA Seeks Urgent Intervention Over ₹510 Crore Default 

IREDA has moved the insolvency petition citing a loan default of ₹510 crore by Gensol Engineering. The tribunal has issued a notice to Gensol and asked the company to submit a formal response before the hearing. IREDA has also called for the immediate appointment of an Insolvency Resolution Professional (IRP), stating that the company currently lacks any senior leadership to oversee its affairs. 

Gensol Faces Leadership Vacuum After Key Resignations 

Last week, Gensol’s managing director Anmol Singh Jaggi and director Puneet Singh Jaggi resigned from their positions. IREDA has flagged these exits as a critical governance concern, especially in the wake of regulatory action by the Securities and Exchange Board of India (SEBI). The lender has warned that the company is now effectively leaderless and in need of urgent managerial oversight. 

Also Read: IREDA Initiates Insolvency Proceedings Against Gensol Engineering Over ₹510 Crore Default. 

Gensol and IREDA Share Price 

On May 16, 2025, shares of Gensol Engineering (NSE: GENSOL) opened at ₹65.56, higher than its previous close at ₹62.44. At 4 PM, the share price of Gensol Engineering was trading at ₹65.56, up by 5% on the NSE.

Meanwhile, shares of IREDA (NSE: IREDA) opened at ₹167.50, higher than its previous close at ₹166.75. At 4 PM, the share price of IREDA was trading at ₹173, up by 3.75% on the NSE. 

Conclusion 

 As Gensol Engineering navigates regulatory and financial challenges, the June 3 NCLT hearing will be a key development in determining its future course. IREDA’s call for immediate management intervention highlights the growing urgency to stabilise the company’s operations. 

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