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Informist, Tuesday, Jun. 3, 2025

 

--Spectrum Trimpex, Catalyst Trusteeship file IBC pleas vs BluSmart Mobility 

--NCLT notice to BluSmart Mobility on Spectrum Trimpex's IBC plea 

--Equentia Financial Service files IBC plea against Gensol Engg 

--NCLT issues notice to Gensol Engg on Equentia Financial Service IBC plea 

 

NEW DELHI – Fresh trouble is brewing for BluSmart Mobility Pvt. Ltd. and Gensol Engineering Ltd., the companies promoted by Anmol Singh Jaggi and Puneet Singh Jaggi, with the National Company Law Tribunal's Ahmedabad bench on Tuesday issuing notices to them on new insolvency petitions. While Blusmart Mobility has been dragged to the bankruptcy tribunal for the first time by Spectrum Trimpex Pvt. Ltd. and Catalyst Trusteeship Ltd., Gensol Engineering faces a new insolvency petition by Equentia Financial Service Pvt. Ltd. 

 

In their insolvency petition, Spectrum Trimpex has alleged unpaid dues of INR 10.03 million and Catalyst Trusteeship has claimed default of INR 12.80 million by Blusmart Mobility. The tribunal has issued notice to BluSmart Mobility on Spectrum Trimpex' plea and asked Catalyst Trusteeship to provide with "notice of default" regarding BluSmart's dues to the company in seven days.

 

Equentia Financial Service, in its insolvency petition, has alleged unpaid dues of INR 92.98 million by Gensol Engineering. The tribunal has asked Gensol Engineering to file a reply in seven days on Equentia Financial Service's insolvency petition. Earlier, Indian Renewable Energy Development Agency Ltd. had filed insolvency petitions against Gensol Engineering and its arm Gensol EV Lease Ltd for unpaid amounts of INR 5.10 billion and INR 2.19 billion, respectively. 

 

Last month, the Ahmedabad bench of the National Company Law Tribunal ordered freezing of the bank accounts of Gensol Engineering Ltd., its 10 subsidiaries, and several individuals on a plea by the central government alleging oppression and mismanagement in the companies' affairs. The tribunal will hear the Centre's plea on Tuesday.

 

In April, the Securities and Exchange Board of India said it was probing Gensol Engineering and its promoters for diverting loans taken from Power Finance Corp. Ltd. and Indian Renewable Energy Development Agency Ltd. The regulator also issued an interim order against the company and its promoter directors Anmol and Puneet Jaggi, barring them from any securities market-related activity and from holding the post of director or any key managerial position in the company till further orders.  End

 

At 1202 IST, shares of Gensol Engineering were down 2.0% at INR 58.08 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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