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NCLAT stops Gensol IRP from leasing out 152 EVs on lessor objection

NCLAT stops Gensol IRP from leasing out 152 EVs on lessor objection

Minta day ago
New Delhi: Auto leasing firm SMAS Auto Leasing India Pvt. Ltd approached the National Company Law Appellate Tribunal (NCLAT) on Tuesday, against Gensol Engineering Ltd's interim resolution professional (IRP) for attempting to lease out its 164 electric vehicles (EVs) through public advertisement.
SMAS had leased all 164 EVs to Gensol before it entered insolvency. Of these, 152 are currently with court-appointed receivers, while 12 remain with the IRP.
A bench led by chairperson Justice Ashok Bhushan took up the matter and directed both the IRP and the committee of creditors (CoC) to file their responses. The tribunal will decide on 28 August whether the IRP can proceed with leasing these EVs.
'The appeal may be disposed of on the next date with regard to the vehicles that were in possession of the appellant prior to the initiation of CIRP, as well as those with the IRP,' the tribunal said in its order.
SMAS, in its petition, argued that the leases had lapsed in April, well before Gensol's insolvency proceedings were admitted in June. Therefore, the IRP had no legal authority to re-lease the fleet. The company also alleged that the IRP attempted to take possession of the vehicles via court-appointed receivers, originally named in an earlier Delhi high court case.
'Ownership of these vehicles rests with us. The lease was terminated well before insolvency. Now, by misusing part of a prior order, they are trying to lease them again. That is completely illegal,' said SMAS's senior counsel Arun Kathpalia during the hearing.
In May, SMAS had moved the Delhi high court, which restrained Gensol and its affiliated entity, BluSmart Mobility, from creating any third-party rights over the leased vehicles. The court also appointed receivers to take custody of the fleet.
Gensol's insolvency was admitted on 13 June by the National Company Law Tribunal (NCLT) in Ahmedabad, following a petition by the Indian Renewable Energy Development Agency (Ireda), which alleged loan defaults of ₹ 510 crore. Its EV leasing subsidiary, Gensol EV Leasing Pvt. Ltd, was also brought under CIRP.
Subsequently, the IRP issued a public advertisement claiming that around 4,000 pre-owned EVs were available for lease in Delhi-NCR and Bengaluru. 'The cars are available at a fixed monthly lease rental and a nominal down payment,' the notice stated.
These vehicles had originally been leased by Gensol to its group company BluSmart Mobility, an EV-based ride-hailing firm founded in 2019. However, BluSmart was also admitted into insolvency on 28 July by the NCLT, after defaulting on dues of over ₹ 1.28 crore. It now joins a growing list of Gensol-linked entities undergoing CIRP.
Gensol and BluSmart's troubles intensified earlier this year after the Securities and Exchange Board of India (Sebi) issued an interim order on 15 April against Gensol promoters Anmol and Puneet Jaggi. Sebi accused them of diverting investor funds meant for EV purchases toward personal luxuries, including a $5 million apartment and expensive golf equipment.
The regulator also flagged discrepancies in vehicle procurement, while Gensol had raised funds for 6,400 EVs, only 4,704 were actually acquired.
Anmol and Puneet Jaggi resigned from Gensol's board on 6 May. The Securities Appellate Tribunal (SAT), in a hearing the next day, refused to stay Sebi's order and directed the company to respond. A final Sebi ruling is pending.
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