Latest news with #ArunKathpalia
Mint
05-08-2025
- Automotive
- Mint
NCLAT stops Gensol IRP from leasing out 152 EVs on lessor objection
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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Business Standard
30-04-2025
- Business
- Business Standard
Lawyer Arun Kathpalia buys bungalow in Delhi's Golf Links for Rs 69 cr
Delhi High Court senior advocate Arun Kathpalia has bought a 763 sq yard bungalow at Delhi's Golf Links for Rs 69 crore, according to documents accessed by real estate data analytics firm CRE Matrix. This acquisition marks one of the latest in a series of high-value property transactions in the area, underscoring its status as a prime destination for high-net-worth individuals (HNIs). The property, located at Property No. 79, Block 10, Golf Links, has a total plot area of 6,867 sq. ft., with a built-up structure spanning 6,254 sq. ft. Deal Details The transaction, completed on April 7, 2025, saw Arun Kathpalia and Shalini Kathpalia purchasing the property from Sudha Gupta & Others. The agreement was valued at Rs 69 crore, with a stamp duty of Rs 4.14 crore paid. The high value of the deal underlines the increasing demand for prime properties in this exclusive Delhi locality, particularly among high-net-worth individuals (HNIs) seeking luxury homes in the capital's most prestigious addresses. Golf Links and Sunder Nagar have emerged as particular favourites for lawyers due to their proximity to the high court and the Supreme Court. Kathpalia's acquisition adds to a series of significant property transactions in Golf Links, a neighborhood that has become synonymous with luxury and exclusivity. Some of the noteworthy deals in recent years include: Vasudha Rohatgi, wife of former Attorney General Mukul Rohatgi, purchased a 2,100-square-yard bungalow for Rs 160 crore in early 2023. Bhanu Chopra, founder of RateGain, bought an 850-square-meter bungalow for Rs 127.5 crore. Shailesh Arora, Director at Maxop Engineering, secured a 575-square-yard bungalow for Rs 68.5 crore. Pawan Agarwal, Deputy Managing Director of DB Group, acquired a similar-sized property for Rs 75 crore. . Other notable names who purchased houses in Golf Links include Vishwavir Ahuja – former chairman and MD of RBL Bank, and Sunil Vachani – Chairman of Dixon Technologies. In February 2025, Sanjay Kukreja, chief investment officer at a private equity firm, Chryscapital Management Company, and his wife Shaveta Sharma, CEO and managing director at Central Square Foundation, bought a property for Rs 155 crore from the seller Pradeep Varma, according to property documents accessed by CRE Matrix.
Time of India
30-04-2025
- Business
- Time of India
Lawyer Arun Kathpalia buys Delhi's Golf Links bungalow for Rs 69 crore
Delhi High Court senior advocate Arun Kathpalia has bought a 763 sq yard bungalow at Delhi's Golf Links for Rs 69 crore, documents accessed through real estate data analytics firm CRE Matrix showed. #Pahalgam Terrorist Attack The groundwork before India mounts a strike at Pakistan India considers closing airspace to Pakistani carriers amid rising tensions Cold Start: India's answer to Pakistan's nuclear threats With this Kathpalia, who specialises in dispute resolution, has joined the list of celebrity lawyers such as former attorney general Mukul Rohatgi, former solicitor general Gopal Subramanium and former additional solicitor general Vikas Singh who have recently bought properties in the Lutyens' Bungalow Zone. Kathpalia declined to comment on the transaction. Play Video Play Skip Backward Skip Forward Mute Current Time 0:00 / Duration 0:00 Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. He paid Rs 4.14 crore in stamp duty for the transaction. Golf Links and Sunder Nagar have emerged as particular favourites for lawyers due to their proximity to the high court and the Supreme Court. Live Events The locality is also popular among corporate leaders and high net worth individuals (HNIs), who prefer buying properties in posh areas of Delhi. Prices have remained firm as availability is minuscule. The Lutyens' Bungalow Zone (LBZ), spread over 28 sq km, has about 3,000 bungalows meant for top ministers, judges and government officials. There are about 600 private homes owned by some of India's wealthiest people. This zone was developed by British architect Edwin Lutyens between 1912 and 1930. There have been several high-value transactions in the Lutyens' Bungalow Zone, considered one of India's most expensive addresses. The outlook for the real estate sector among HNIs and ultra-HNIs has moderated, with 62% planning to invest in the next 12-24 months compared to 71% in 2024. Nearly half of the respondents of the annual luxury residential outlook survey by India Sotheby'sInternational Realty (ISIR) expect real estate investments to deliver returns between 12% and 18%, while 38% anticipate returns below 12%. As per the survey, optimism has declined from 79% in 2024 to 71% in 2025. But most HNIs believe India will continue to be the fastest-growing major economy, with GDP growth projected to hover between 6% and 6.5%.
