Gensol insolvency: NCLT admits Ireda's plea on ₹510 crore default

Gensol Engineering, which managed electric-car ride-hailing platform BluSmart, was admitted to the insolvency process on Friday following a plea by the Indian Renewable Development Agency (Ireda).
Ireda had moved the National Company Law Tribunal's Ahmedabad Bench, citing a default of Rs 510 crore.
The matter was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), which outlines the initiation of the Corporate Insolvency Resolution Process (CIRP) on a plea moved by a financial creditor or lender.
A coram ('in the presence of') of Judicial Member Shammi Khan and Technical Member Sanjeev Kumar, however, said they were not appointing the resolution professional suggested by Ireda.
Ireda's lawyer had urged the tribunal to make an appointment to look after the company, saying Gensol was 'headless' after its promoters allegedly were missing amid regulatory scrutiny.
'By virtue of Sebi's (Securities and Exchange Board of India) order, the company is now headless. Directors have walked out and the company has projects worth crores of rupees. Somebody needs to manage the show,' the lawyer told the Bench.
The financial creditor also alleged a breakdown of internal controls and corporate governance norms at Gensol, accusing the promoters of running the listed firm as if it were their proprietary firm.
BluSmart on April 16 had paused cab bookings in certain parts of Delhi-National Capital Region, Bengaluru, and Mumbai, the three cities where it operates.
The rides were halted a day after Sebi debarred the promoters and directors of Gensol Engineering — Anmol Singh Jaggi and Puneet Singh Jaggi — from accessing the securities markets allegedly for fraudulent practices and funds.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Time of India

30 minutes ago

• Time of India

Arisinfra Solutions IPO allotment status expected today; here's how to check

Here's how investors can check their application status: Live Events On the BSE website: Enter your application number and PAN (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The allotment status for Arisinfra Solutions' Rs 500 crore initial public offering (IPO) is expected to be finalised today. Investors who applied in the public issue can check whether they have been allotted shares by visiting the registrar's website or the BSE portal once the allotment is IPO, which ran from June 18 to June 20, was entirely a fresh issue of 2.25 crore shares priced at Rs 222 apiece. The issue received a decent overall subscription of 2.80 times, with strong demand from retail investors, who subscribed 5.90 times their allocated non-institutional investor (NII) category was subscribed 3.32 times, while the Qualified Institutional Buyer (QIB) segment was subscribed 1.50 times. Anchor investors had earlier brought in Rs 224.82 crore ahead of the IPO the registrar's website (Link Intime):Visit Select 'Arisinfra Solutions Limited' from the dropdown menuEnter your PAN, application number, or DP/Client ID to view the allotment detailsGo to Select 'Equity' and choose 'Arisinfra Solutions Limited' from the dropdownArisinfra Solutions is a B2B tech-driven player in the construction materials procurement and supply space, serving clients across over 900 pin codes in India. The company plans to use the IPO proceeds to repay borrowings, meet working capital needs, and invest in its subsidiary shares are expected to be credited to demat accounts by June 24, and the stock is scheduled to list on both BSE and NSE on June 25.

Economic Times

30 minutes ago

• Economic Times

Arisinfra Solutions IPO allotment status expected today; here's how to check

Here's how investors can check their application status: Live Events On the BSE website: Enter your application number and PAN (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The allotment status for Arisinfra Solutions' Rs 500 crore initial public offering (IPO) is expected to be finalised today. Investors who applied in the public issue can check whether they have been allotted shares by visiting the registrar's website or the BSE portal once the allotment is IPO, which ran from June 18 to June 20, was entirely a fresh issue of 2.25 crore shares priced at Rs 222 apiece. The issue received a decent overall subscription of 2.80 times, with strong demand from retail investors, who subscribed 5.90 times their allocated non-institutional investor (NII) category was subscribed 3.32 times, while the Qualified Institutional Buyer (QIB) segment was subscribed 1.50 times. Anchor investors had earlier brought in Rs 224.82 crore ahead of the IPO the registrar's website (Link Intime):Visit Select 'Arisinfra Solutions Limited' from the dropdown menuEnter your PAN, application number, or DP/Client ID to view the allotment detailsGo to Select 'Equity' and choose 'Arisinfra Solutions Limited' from the dropdownArisinfra Solutions is a B2B tech-driven player in the construction materials procurement and supply space, serving clients across over 900 pin codes in India. The company plans to use the IPO proceeds to repay borrowings, meet working capital needs, and invest in its subsidiary shares are expected to be credited to demat accounts by June 24, and the stock is scheduled to list on both BSE and NSE on June 25.

Economic Times

30 minutes ago

• Economic Times

Patil Automation set for NSE SME debut today. GMP hints at modest premium

Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Pune-based Patil Automation is set to list on the NSE SME platform today after seeing overwhelming investor demand during its Rs 69.61 crore IPO . The issue was subscribed an impressive 101.42 times overall, driven by robust interest from non-institutional investors (NII) who bid 258 times their quota. Retail investors subscribed 44.77 times, while the Qualified Institutional Buyer (QIB) category was booked 82.92 of the listing, the grey market premium (GMP) for Patil Automation shares is hovering around ₹31, indicating a listing price of Rs 151 per share—nearly 26% higher than the issue price of Rs 120. While GMPs are unofficial and not always accurate indicators, the premium reflects positive sentiment among IPO consisted entirely of a fresh issue of 58 lakh shares. Anchor investors had pumped in Rs 19.81 crore ahead of the IPO opening, with 16.51 lakh shares allocated at the upper price band. The funds raised will be used primarily to set up a new manufacturing facility and repay a portion of the company's in 2015, Patil Automation provides automation and robotics solutions across industries including automotive, electronics, and general product range includes robotic welding systems, automated assembly lines, conveyor systems, and AI-based vision inspection systems. The company operates five facilities and has over 500 personnel including contractual FY25, the company posted a net profit of Rs 11.70 crore on a revenue of Rs 122 crore, with PAT margins at 9.91% and ROE at 27.28%. The IPO valued the firm at a post-issue P/E of around the strong subscription figures and current GMP, the listing is likely to be positive, though post-listing performance may depend on broader market trends and investor appetite for SME stocks.