The Indian Renewable Energy Development Agency has filed an insolvency plea against Gensol Engineering for defaulting on a Rs 510 crore payment. The development came weeks after SEBI banned the company and its promoters — Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities markets till further orders in a fund diversion and governance lapses case. Meanwhile Gensol said on Wednesday that the Securities Appellate Tribunal had allowed it to file a response to the Sebi interim order.
The state-run financier explained in a stock exchange filing that it had filed a petition under Section 7 of the insolvency code after Gensol failed to replay a Rs 510 crore loan. The value of equity holdings in the company is likely to be…
