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Informist, Monday, Sept. 29, 2025

 

NEW DELHI – The Delhi High Court has asked Gensol Engineering Ltd.'s resolution officer to cooperate in handing over the remaining electric vehicles to SMAS Auto Leasing India Pvt. Ltd. and give a no-objection regarding the same. The court directed the resolution professional to initiate steps towards transfer of ownership of the electric vehicles in favour of SMAS Auto Leasing.

 

The respondents shall not create any hindrance or obstruction in handing over the electric vehicles, and in case of an obstruction, the court appointed receivers will be at liberty to take recourse to police assistance, said the high court. If police assistance is sought, station house officers of the police stations concerned will render complete assistance, said the court.

 

Gensol Engineering leased electric vehicles to Blu-Smart Mobility Ltd., its co-founder's private ride-hailing business, creating a strong, intertwined financial relationship where Gensol was BluSmart's main supplier.

 

SMAS Auto 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 158 electric vehicles, which belonged to the petitioner originally, and only eight electric vehicles were remaining to be received, said SMAS Auto.

 

In 2021, SMAS Auto and Gensol Engineering had entered into a master lease agreement for leasing electric vehicles and to avail fleet management services offered by the petitioner. After Gensol Engineering did not pay its lease dues, SMAS 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. 

 

At 1025 IST, the shares of Gensol Engineering were down 5.0% at INR 41.52 on the National Stock Exchange.  End

 

Reported by Surya Tripathi

Edited by Subhojit Sarkar

 

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