Gensol Engineering Ltd

Crisil Ratings Limited, the monitoring agency for Gensol Engineering's preferential issue, has issued a qualified report for the quarter ended March 31, 2026, citing non-cooperation from Gensol in providing necessary information and documents. This is in relation to the preferential issue of ₹5,386,033,185. Crisil was unable to monitor the utilization of proceeds due to the lack of cooperation from Gensol, continuing a trend from previous quarters. Stakeholders are advised to exercise caution.

Gensol Engineering Ltd has appointed M/s. Jatin Gupta & Associates as its Secretarial Auditor for the financial year 2024-25 and subsequent periods. The appointment complies with Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Companies Act, 2013. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP), with Mr. Keshav Khaneja serving as the Resolution Professional (RP). The consent letter from Jatin Gupta & Associates has been submitted to the Stock Exchanges by the RP.

Gensol Engineering Limited, a company engaged in engineering and renewable energy projects, including solar power projects and electric vehicle (EV) leasing arrangements, is facing insolvency proceedings initiated by the Indian Renewable Energy Development Agency Limited (IREDA). The IREDA, a Navratna Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy, has filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) against Gensol Engineering Limited for defaulting in payment of its outstanding dues of Rs.510,10,00,000. The petition was filed on 13.05.2025 and the order was pronounced on 13.06.2025. The IREDA is seeking the appointment of an Interim Resolution Professional (IRP) and the declaration of a moratorium.

Gensol Engineering Limited, a company engaged in engineering and renewable energy projects, including solar power projects and electric vehicle (EV) leasing arrangements, is facing insolvency proceedings. The Indian Renewable Energy Development Agency Limited (IREDA) has filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) against Gensol Engineering Limited for initiation of Corporate Insolvency Resolution Process (CIRP). The default amount is Rs.510,10,00,000. IREDA is a 'Navratna' Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE) and is a Public Limited Government Company established as a Non-Banking Financial Institution (NBFC).

Power Finance Corporation Limited, through Catalyst Trusteeship Limited, has acquired a 6.67% stake in Gensol Engineering Limited. The acquisition was made by invoking equity shares that were pledged by Gensol Ventures Private Limited. The total number of shares acquired is 25,65,972, which is equivalent to the total number of voting rights. This acquisition is significant as it increases Power Finance Corporation's stake in Gensol Engineering Limited, which could potentially influence the decision-making process of the company.

Pursuant to Regulation 29 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 2011, Catalyst Trusteeship Limited (formerly known as GDA Trusteeship Limited) has disclosed the invocation of Equity Shares of Gensol Engineering Limited in favor of Power Finance Corporation Limited. This acquisition took place as the security trustee for the benefit of the Lender. The total shares of Gensol Engineering Limited held by Catalyst Trusteeship Limited after the acquisition is 6.67% of the total voting rights.

Pursuant to Regulation 29 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 2011, Catalyst Trusteeship Limited, in the capacity of Security Trustee for Power Finance Corporation Limited, has disclosed the invocation of Equity Shares of Gensol Engineering Limited. This acquisition is a result of the pledge of equity shares of Gensol Engineering Limited held by Gensol Ventures Private Limited with Catalyst Trusteeship Limited. The total shares acquired amount to 6.67% of the total voting rights and total share capital of the company.

Power Finance Corporation Limited, through Catalyst Trusteeship Limited, has acquired a 6.67% stake in Gensol Engineering Limited. This acquisition was made through the invocation of equity shares held by Gensol Ventures Private Limited as a security trustee on behalf of Power Finance Corporation Limited. The total number of shares acquired is 25,65,972, which is equivalent to 6.67% of the total share capital and total voting capital of Gensol Engineering Limited, both before and after the acquisition.

Gensol Engineering Ltd's Chief Financial Officer, Jabirmahendi Mohammedraza Aga, has resigned from his position effective immediately. The company is currently facing significant challenges with multiple regulatory bodies conducting investigations. The top management, including Mr. Aga, has resigned from their respective roles. The disorganization of critical data across various departments is also affecting the company's ability to respond to the ongoing inquiries. The immense pressure from these circumstances has adversely affected Mr. Aga's physical and mental well-being, leading to his resignation.

Gensol Engineering Limited has received an advance service intimation regarding a petition filed by Indian Renewable Energy Development Agency (IREDA) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC’) for initiation of Corporate Insolvency Resolution Process (CIRP). The petition is in respect of the defaults and potential defaults under the five loan facilities availed by the Company. The Company's operations came to a standstill due to a SEBI Interim Order and it is currently seeking legal assistance. The expected financial implications cannot be determined at this stage.