The National Company Law Tribunal (NCLT) of Ahmedabad on Friday ordered a hearing on the petition for insolvency proceedings against Gensol Engineering. On May 14, IREDA had filed a petition for insolvency proceedings against Gensol for default of Rs 510 crore. However, the court did not accept IREDA’s demand to appoint an interim resolution professional (IRP) on Gensol. NCLT said, Gensol should be given a chance to respond first. The tribunal has fixed the next hearing for June 3. Gensol’s co-founder Anmol Jaggi and his brother Punit Singh Jaggi resigned from the post of director of the company on Tuesday. A month ago, market regulator SEBI had banned them from holding key positions in the company. Both the brothers are accused of fund diversion. Know the whole case in three chapters… Chapter-1: Crisis Chapter-2: Fraud Chapter-3: Beginning Gensol operates in three segments:
