NCLAT asks Gensol Engg officer to not take possession of Sams Auto vehicles
This story was originally published at 13:01 IST on 5 August 2025
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NEW DELHI – The National Company Law Appellate Tribunal on Tuesday asked Gensol Engineering Ltd.'s resolution professional to not take possession or lease out the 152 electric vehicles that Sams Auto Leasing India Pvt. Ltd. had received through a Delhi High Court order till the next date of hearing on Aug. 28.
The appellate tribunal gave liberty to Sams Auto to file an application against the resolution professional's advertisement to lease out the 152 electric vehicles. Further, it sought replies from the resolution professional and the committee of creditors of Gensol Engineering on Sams Auto's plea.
Sams Auto said it had approached the high court to secure 164 electric vehicles which were leased out to Gensol Engineering in 2021. Before the commencement of the insolvency proceedings against Gensol Engineering, a court-appointed receiver had got the possession of 152 electric vehicles, which belonged to the petitioner originally, and only 12 electric vehicles were remaining to be received, said Sams Auto.
The resolution professional's advertisement to lease out 152 electric vehicles, which the petitioner had the possession before the commencement of insolvency proceedings of Gensol Engineering, was "completely illegal", said Sams Auto. After the termination of lease agreement with Gensol Engineering, the ownership of the electric vehicles came back to Sams Auto, said the petitioner.
In 2021, Sams Auto and Gensol Engineering had entered into a master lease agreement for leasing electric vehicles and for availing fleet management services offered by the petitioner. After Gensol Engineering did not pay its lease dues, Sams Auto moved the high court in May for urgent interim measures to seek protection and preservation of the leased electric vehicles which require routine maintenance and regular operation to remain in proper working condition and got a favourable order.
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, which was later confirmed in July, against Gensol Engineering and its promoter directors Anmol Singh Jaggi and Puneet Singh Jaggi, barring them from any securities market-related activity and from holding the post of director or any key managerial position in the company.
On Jun. 13, the Ahmedabad bench of the National Company Law Tribunal had admitted a petition by Indian Renewable Energy Development Agency to start insolvency proceedings against Gensol Engineering. The tribunal appointed an interim resolution professional for Gensol Engineering to carry out the functions as per the Insolvency and Bankruptcy Code, 2016. End
Reported by Surya Tripathi
Edited by Ashish Shirke
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