Delhi HC curbs Gensol, BluSmart from creating third-party rights over 220 EVs leased to SMAS Auto, Shefasteq OPC
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In another setback for Gensol Engineering and electric ride-hailing startup BluSmart Mobility , the Delhi High Court on Wednesday restrained them from creating third-party rights over 220 additional electric vehicles (EVs) leased to them by two separate lessors -- SMAS Auto Leasing India and Shefasteq OPC SMAS Auto had leased 164 EVs to Gensol and 46 to BluSmart, while Shefasteq had leased 10.This is the third and fourth such petitions filed by lessors against Gensol and BluSmart for failing to make lease and fleet management payouts.Justice Jyoti Singh, while appointing court receivers to take possession of the vehicles leased by SMAS and Shefasteq, refused to direct repossession of the EVs, as sought by the lessors.The court also asked Gensol to submit a status report on the leased EVs within two days, besides furnishing a comprehensive statement of their assets and liabilities.Last month, the court had restrained Gensol and Blu-Smart Mobility from creating third-party rights in respect of 95 Tata Xpres EVS leased by Clime Finance and 175 EVs by Japanese firm Orix Leasing and Financial Services.Counsel Saurabh Seth and Sonia Dube, appearing for Shefasteq, argued that these circumstances pose an immediate threat to the petitioner's assets as vehicles may be diverted or encumbered in favour of other financiers, and the delay will also erode the commercial value of the undelivered EVs.'The continued unauthorised possession of the EVs by the respondents (Gensol and BluSmart) is unlawful and has constrained the petitioner to seek, inter alia, the immediate appointment of a Receiver for taking custody and possession of the said EVs, to preserve and maintain them in a commercially viable and operable condition,' SMAS stated in its petition.Markets regulator Securities and Exchange Board of India (Sebi) had on April 15 barred Gensol's promoters, brothers Anmol and Puneet Jaggi, from accessing stock markets and ordered a forensic probe into their listed renewable energy firm. The brothers were later detained under the Foreign Exchange Management Act (Fema) on charges of financial misconduct and diversion of funds.An interim Sebi report indicated fund diversion and governance failures within the company. The Jaggis face allegations of misuse of term loans availed by Gensol from state-run Indian Renewable Energy Development Agency (Ireda) and Power Finance Corp (PFC).Between FY22 and FY24, Gensol secured Rs 977.75 crore in loans from Ireda and PFC, with Rs 663.89 crore meant for purchasing 6,400 EVs.
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