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IREDA's petition approved to recover thousands of crores from this company connected to BluSmart's Jaggi Brothers
IREDA petition BluSmart: The Ahmedabad Bench of the National Company Law Tribunal has accepted the bankruptcy petition of the Indian Renewable Energy Development Agency (IREDA) against Gensol Engineering. IREDA had sought to initiate bankruptcy proceedings against the company, citing a default of ₹510 crores. Gensol Engineering is the flagship company of the Jaggi Brothers of BluSmart Taxi.
The legal noose has started tightening around BluSmart Jaggi brothers Anmol Singh Jaggi and Punit Singh Jaggi, who have committed fraud worth thousands of crores of rupees. The petition to initiate bankruptcy proceedings against their flagship company, Gensol Engineering, has been approved by the National Company Law Tribunal (NCLT). The Indian Renewable Energy Development Agency (IREDA) filed this petition in the Ahmedabad bench of the NCLT for recovery of its Rs 510 crore loan (IREDA loan recovery).
IREDA claimed in its petition that Gensol Engineering has not repaid the loans provided under five different loan facilities, totaling ₹ 863.30 crore. These include loans taken for electric vehicle (EV) fleet leasing and solar projects. IREDA stated that the company did not pay the installments due on March 31, April 19, and May 12, 2025, after which it issued demand notices.
At the same time, Gensol Engineering opposed the petition, asserting that the claim of default has not been proven. Citing its financial stability, the company argued that its revenue and profit have increased over the past years.
