Solar manufacturer Gensol Engineering and electric vehicle ride-hailing service BluSmart Mobility were issued notices by the National Company Law Tribunal (NCLT) on Tuesday over three new insolvency claims by financial creditors Spectrum Trimpex, Catalyst Trusteeship and Equentia Financial Services over alleged pending dues.
While Equentia Financial Services filed a plea against Gensol for a Rs 9 crore loan default, Spectrum Trimpex and Catalyst Trusteeship moved the tribunal against BluSmart under Section 7 of the Insolvency and Bankruptcy Code (IBC) over pending dues worth Rs 1 crore each.
The NCLT’s Ahmedabad bench, comprising of Judicial Member Shammi Khan and Technical Member Sanjeev Kumar directed Gensol and BluSmart to file their responses within seven days. It may be mentioned that the bench refused to admit Catalyst’s plea over the lack of clarity with respect to certain documents.
Concurrently, an earlier insolvency plea filed by the Indian Renewable Energy Development Agency (IREDA) against Gensol for a Rs 510 crore loan default was adjourned by the tribunal and will be heard on June 11. IREDA during previous proceedings had requested the tribunal to swiftly appoint an interim resolution professional to protect its assets while alleging that the directors had fled upon an order by the Securities and Exchange Board of India (SEBI).
The tribunal also passed an order for the freezing and attachment of all bank accounts and lockers of Gensol and its associated entities based on investigations by the Ministry of Corporate Affairs (MCA), SEBI and the Serious Fraud Investigation Office (SFIO).
It may be recalled plea by the MCA against Gensol had been adjourned to 13 June. Gensol and BluSmart currently face several allegations of financial misconduct and corporate fraud by the MCA.
On 15 April, Gensol and its promoters, Managing Director (MD) Anmol Singh Jaggi and Whole Time Director Puneet Singh Jaggi were barred by SEBI from accessing the securities market, citing governance lapse and fund division. On 12 May, both brothers resigned from their positions.
Gensol’s share price decreased by 2.01% to Rs 58.08 from yesterday’s close of Rs 59.27.