NCLT Reverses Ex-Parte Order Against Gensol EV Lease In IREDA Case

The Ahmedabad bench of the National Company Law Tribunal on Monday recalled its earlier ex-parte order against Gensol EV Lease Ltd. in an insolvency case filed by Indian Renewable Energy Development Agency Ltd. for dues worth ₹2.19 billion.

Gensol EV Lease, a subsidiary of Gensol Engineering Ltd., was granted time to file its reply within two days, and the next hearing is set for Wednesday. The tribunal had earlier passed the ex-parte order after the company failed to appear last week, but accepted its request under Rule 11 to set aside the ruling.

The NCLT is also hearing separate insolvency petitions against Gensol Engineering filed by IREDA and Equentia Financial Services Pvt. Ltd. In April, SEBI barred Gensol Engineering, and its promoters Anmol Singh Jaggi and Puneet Singh Jaggi, from market activities and key managerial roles for allegedly diverting loans from Power Finance Corp. and IREDA.