Meanwhile, in separate orders, the court for receivables (DRT) in the center of Delhi on Wednesday limited Gensol Engineering Ltd. and his arm Gensol EV Lease Ltd. and its promoters in the sale, transfer, theft, damage, removal and disposal, or otherwise the creation of third -party interest in terms of immovable and movable secure assets. | Photo Credit: Carolo7
Ahmedabad said on Wednesday that the reports of the Holidays (NCLT), Ahmedabad, said that reports on investigation and regulatory finding Prima Facia support the Ministry of Enterprises (MCA) and related entities and related entities and related entities and related entities and related entities and related subjects related entities and related entities and related entities, and related entities, and related findings and related entities that the Ministry sought.
However, the NCLT command did not specify reliefs. Media reports reported that relief included, among other things, freezing accounts held by Gensol and its promoters.
Gensol Engineering Ltd. Together with other respondents and associated individuals, they committed a serious violation of the administration and management of companies, said NCLT ministry advisor.
The funds that the companies acquired for stipulated purposes were unlawfully transferred to various related parties, in a gross violation of the provisions of the Act on Companies of 2013. The formula of the unlawful diversion, incorrectness of assets and manipulation of shares caused irreparable harm to public shareholders and others.
Given the urgent nature of the case, a substantial public interest and the possibility of further dispersion of evidence or assets, it was considered to be appropriate to grant an exception to the company’s preliminary service to respondents.
The tribunal, based on available records, has seen serious accusations of fraudulent behavior, including the departure of corporate funds of Gensol engineering and related entities, violations of the company management and management, manipulation of accounting statements, default loans, false declarations and illegal alienation.
Reports on investigation and regulatory findings of the Ministry of Business Affairs, Indian Securities and Stock Exchange Councils (SEBI) and the Office for Investigation of serious frauds Prima Facia support the Ministry of Business Affairs of System Fraud claims, including substantial public interest, Nclt said.
The above before the regular bench of June 3.
Meanwhile in separate orders, debts for Recovery Tribunal (DRT), Delhi on Wednesday limited Gensol Engineering Ltd. and his arm Gensol EV Lease Ltd. and its promoters in sale, transfer, theft, damage, removal and otherwise evoking third -party interests in terms of immovable and movable secure security.
It also reduced Gensol to enter into settlement with any unsecured creditor without prior consent.
DRT granted interim relief wanted by the State Indian Agency for the Development of Renewable Energy Ltd. (IREDA), which is trying to restore 510 GBP Crore from Gensol engineering and over 218 crore from Gensol Ev Lease Ltd.
She also provided relief by Power Finance Corporation, which is trying to get back 264 GBP Crore from Gensol.
Published – May 28, 2025 22:33
