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Gensol Engineering, promoted by the founders of electric mobility firm BluSmart, has defaulted on payment of around Rs 4 crore to its pass-through certificates (PTCs) holders this month.
The last repayment that was processed successfully was in April, people aware of the matter said.
The troubled solar engineering, procurement and construction company had raised these funds by issuing PTCs, which were distributed to retail investors via online platform Grip Invest. PTCs are usually loans that are raised in lieu of any underlying asset. In this case,…
