Overview

• IREDA filed an application on May 20 with Delhi's Debt Recovery Tribunal to recover ₹729 crore from Gensol Engineering and its subsidiary, Gensol EV Lease.
• The recovery claim includes ₹510 crore from Gensol Engineering and ₹218.95 crore from Gensol EV Lease, stemming from unpaid state-backed loans.
• This action follows SEBI's April 2025 interim order accusing Gensol's promoters of fund diversion, fraud, and governance failures.
• Gensol borrowed ₹977.75 crore between FY22 and FY24 for EV procurement but left ₹262.13 crore unaccounted, acquiring only 4,704 of the planned 6,400 EVs.
• Multi-agency investigations, including SEBI, ED, and Delhi High Court measures, are ongoing, with insolvency hearings scheduled for early June.