The National Company Law Tribunal (NCLT) on Tuesday Issued Notices to Electric Vehical Financial creditors over alleged unpaid dues.
Spectrum trimpex pvt. Ltd and catalyst trusteeship ltd moved the tribunal under section 7 of the insolvency and bankruptcy code (IBC) Against Blusmart Over Unpaid Dues Worth 1 Crore Each.
Equentia Financial Services Pvt. Ltd claimed that gensol engineering open 9 Crore.
The NCLT’s ahmedabad bench has directed both companies to file their responses within seven days.
Separately, The Tribunal Adjourned the hearing on an earlier insolvency plea filed by the Indian renewable energy development agency (Ireda) Against Gensol, Involving A 510 Crore loan default. The Ireda plea is now scheduled to be heard on 11 June.
DURING Previous Proceedings, Ireda Described Gensol as “Headless” and Urged The Tribunal to Immedited the Tribunal Appoint An Interim Resolution Professional to Protect the Company’s Assets, Alleging THETS DIRECTS DIRECTS DIRECTS DIRECTS Had Fled Following an order by the Securities and Exchange Board of India (SEBI).
The tribunal also ordered the freezing and attachment of all bank accounts and lockers belonging to gensol engineering ltd and its associate entities, based on findings by the ministry of corporate Affairys (MCA), Sebi, and the Serious Fraud Investigation Office (SFIO). The Mca Had Sought Urgent Action, which the Tribunal Approved.
On 28 May, The Debt Recovery Tribunal (DRT) Restrained Gensol Engineering and Its Subsidiary, Gensol Ev Lease Ltd, From Selling, Transferring, Or Creating Third-Parthy Rights Over Provails Emovable and Movable secured assets. This followed petitions by state-run lenders reda and power finance corp. Ltd, seeking to recover dues totalling approximately 992 Crore.
Blusmart and Gensol Engineering Are Facing Allegations of Corporate Fraud and Financial Misconduct by the MCA, AlongSide Sebi’s Ongoing Proble.
In an interim order on 15 April, sebi barred gensol engineering and its promoters, anmol singh jaggi and puneet singh jaggi, from accessing the secreties market, citing governance lapses and funds.
Sebi also prohibited the promoters from holding any directorial or key managerial positions at gensol until further notice. According to the regulator, gensol had secured 977.75 Crore in Loans, Including 663.89 Crore intended for the purchase of 6,400 evs, which was laater leased to blusmart, a related party.
On 12 May, The Jaggi Brothers Resigned from their positions as managing director and whole-time director, respectively.