DRT directs Gensol to maintain status quo on its secured assets, vehicles
The Hindu
Debts Recovery Tribunal directs Gensol Engineering to maintain status quo on secured assets in cases by IREDA and PFC.
The Debts Recovery Tribunal (DRT), Delhi, has directed Gensol Engineering Ltd to maintain status quo with regards to its secured assets and vehicles in separate cases filed by state-run Indian Renewable Energy Development Agency Ltd (IREDA) and Power Finance Corporation.
IREDA moved an original application before the DRT against Gensol Engineering seeking to recover over ₹510 crore. It also moved an application before DRT against Gensol EV Lease Ltd seeking to recover over ₹218 crore.
In a recent order, DRT posted the IREDA plea for further hearing on May 28 and directed Gensol and its arm to maintain status quo with regards to its secured assets and vehicles till the next date is fixed.
DRT issued a similar direction in a separate case filed by Power Finance Corporation seeking to recover over ₹264 crore from Gensol.
Gensol has been in the spotlight after the Securities and Exchange Board of India’s (SEBI) interim order in April barred the company’s promoters from the securities market for alleged fund diversions and corporate governance lapses.
IREDA has also filed an insolvency petition against Gensol and its arm before the National Company Law Tribunal (NCLT). The NCLT is set to hear the case on June 3.
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