India's IREDA files second bankruptcy case against Gensol Engineering
The Indian Renewable Energy Development Agency said on Friday it had filed a bankruptcy application against Gensol Engineering's electric vehicle leasing unit, two days after filing a bankruptcy case against the troubled company.
Gensol EV Lease Ltd owes a default amount of 2.18 billion rupees ($25.48 million), the state-owned agency said.
The IREDA filed its first bankruptcy application against Gensol, a solar energy company, on Wednesday for an amount of 5.10 billion rupees.
Gensol has also procured electric vehicles on behalf of ride-hailing service BluSmart. Gensol's former managing director, Anmol Singh Jaggi, is BluSmart's co-founder.
India's market regulator alleged in April that Gensol had defaulted on loans, including those taken to finance the EVs purchased for BluSmart.
The IREDA had filed a complaint with the Economic Offences Wing against Gensol in April, alleging falsification of documents, while also initiating an internal review.
Power Finance Corp, another lender to Gensol, has also filed similar allegations against the company.
($1 = 85.5690 Indian rupees)
