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Time of India
07-05-2025
- Automotive
- Time of India
Delhi HC halts Gensol & BluSmart 3rd party claims on 220 EVs
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: 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 is the third and fourth such petition filed by lessors against Gensol and BluSmart for failing to make lease and fleet management 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 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 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 Saurabh Seth and Sonia Dube, appearing for Shefasteq, argued that these circumstances pose an immediate threat to the petitioner's asset 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, with a view to preserving and maintaining them in a commercially viable and operable condition," SMAS stated in its 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 interim Sebi report indicated fund diversion and governance failures within the company. The Jaggis face allegations of misuse of term loans availed by Gensol.
Time of India
07-05-2025
- Automotive
- Time of India
Delhi HC curbs Gensol, BluSmart from creating third-party rights over 220 EVs leased to SMAS Auto, Shefasteq OPC
Live Events 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 is the third and fourth such petitions filed by lessors against Gensol and BluSmart for failing to make lease and fleet management 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 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 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 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 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 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.
Mint
07-05-2025
- Automotive
- Mint
Delhi HC bars Gensol, BluSmart from creating third-party rights over 220 more EVs
In another legal setback for Gensol Engineering Ltd and electric ride-hailing startup BluSmart, the Delhi high court on Wednesday barred the companies from creating third-party rights over 220 additional electric vehicles (EVs) leased from two separate lessors. Justice Jyoti Singh issued the order while appointing court receivers to take possession of the vehicles. However, the court denied the lessors' request for repossession, stating that such relief does not fall within the ambit of Section 9 of the Arbitration and Conciliation Act, 1996, under which the petitions were filed. The court also directed Gensol to submit a status report on the leased EVs within two days after the lessors raised concerns about the vehicles' whereabouts. Additionally, Gensol and BluSmart were asked to provide a comprehensive statement of their assets and liabilities. The order follows petitions by SMAS Auto Leasing India Pvt. Ltd and Shefasteq OPC Pvt. Ltd, which accused Gensol, BluSmart, and their promoters of breaching lease agreements and failing to pay dues. According to court documents reviewed by Mint, SMAS Auto had leased 164 EVs to Gensol and 46 to BluSmart under separate master lease agreements. Shefasteq claimed it had leased an additional 10 EVs. Both lessors alleged that the companies failed to make timely payments for lease rentals and fleet management charges, despite receiving monthly invoices and having binding contractual obligations. 'The continued unauthorized possession of the EVs by the respondents 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, with a view to preserving and maintaining them in a commercially viable and operable condition,' the SMAS plea stated. It emphasized that EV batteries are sensitive and perishable assets that require regular monitoring and sustained operational use—particularly in extreme heat—to prevent irreversible damage. Wednesday's order marks the third ruling by the same bench in under two weeks. On 25 April, Justice Singh had restrained the companies from creating third-party rights over 175 EVs leased by Japanese financial services firm Orix. Then, on 29 April, the court barred BluSmart from selling or transferring 95 EVs leased by Clime Finance Pvt Ltd. With the latest order, a total of 493 leased electric vehicles are now under judicial protection, barring Gensol and BluSmart from selling, transferring, or assigning third-party rights over them. 'The court order safeguards the interests of fleet leasing companies by mandating that Gensol disclose to the court and the lessors the current locations and operational status of the leased electric vehicles," said Aditya Bhattacharya, litigation partner at King Stubb and Kasiva and counsel for SMAS Leasing. "The ruling explicitly underscores the critical importance of battery conditions and proper handling practices, which are essential to the effective operation and maintenance of such vehicles,' Bhattacharya added. The latest court order comes amid increasing regulatory scrutiny of the companies. The Securities and Exchange Board of India (Sebi) recently issued a show-cause notice to Gensol and its promoters for alleged governance lapses, including undisclosed related-party transactions and financial irregularities. The regulator also barred the Jaggi brothers from holding key managerial roles in any listed company and prohibited Gensol and its promoters from accessing capital markets. Gensol is also facing inquiries over the handling of approximately ₹ 978 crore in loans from Power Finance Corp. (PFC) and the Indian Renewable Energy Development Agency (Ireda), intended for the purchase of 6,400 EVs. Disclosures indicate that only 4,704 vehicles were actually procured. PFC has lodged a complaint with the Economic Offences Wing of the Delhi Police, alleging the use of falsified documents to secure the loans. Ireda, which reportedly funded 3,400 EVs, may be short by over 1,400 vehicles based on current filings. As previously reported by Mint, PFC is considering legal actions, including insolvency proceedings and debt recovery tribunal filings, to recover dues. Meanwhile, BluSmart has temporarily shut down its app, informing users that ride bookings will be paused until 7 May. The company has also promised refunds within 90 days if the suspension continues beyond that date.
Time of India
30-04-2025
- Automotive
- Time of India
Delhi HC bars Gensol, BluSmart from creating rights over leased EVs
New Delhi: The Delhi High Court on Tuesday restrained Gensol Engineering , Blu-Smart Fleet , and Blu-Smart Mobility from creating third-party rights in respect of 95 Tata Xpres Electric Vehicles leased by Clime Finance. Justice Jyoti Singh appointed a receiver to secure, preserve, inspect, and take immediate possession of the 95 electric vehicles. However, the court said that the receiver will only take "deemed" charge of the electric vehicles and not move them from their existing spot and would be responsible for the upkeep of the vehicles, the judge added. Last week, the HC had restrained Gensol Engineering and BluSmart Mobility from creating any third-party rights on 175 electric vehicles leased to them by Orix Leasing and Financial Services to support BluSmart's growing ride-hailing operations in India, saying the Japanese firm made a prima facie case for interim relief. Anmol Singh Jaggi, cofounder of both Gensol Engineering and BluSmart, had acted as a guarantor for the lease obligations. Counsel Abhimanyu Mahajan and Saurabh Seth, appearing for Clime, on Tuesday sought further directions to Gensol and Blu-Smart to deposit pre-termination value, penal charges and TDS due for FY2024-2025 after adjustment of security deposit of over ₹1 crore with the court registry. They said that the companies had defaulted in remitting the lease rentals for the EVs from March 2025. 'This default, along with a concerning downgrade in Gensol's credit rating, media reports of financial distress, and breaches of the lease agreement' prompted Clime to issue notices in March and April, which also went unanswered, and then terminate the lease agreement, Clime alleged. Clime had entered into an agreement where it had leased its 95 electric vehicles to Gensol and BluSmart Fleet in 2022 for use in cab and rideshare services for a period of 36 months, which was to expire in May 2025. The two companies had defaulted in remitting the lease rentals for the 95 vehicles from March, the counsel said. 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.
Time of India
30-04-2025
- Automotive
- Time of India
HC bars Gensol, BluSmart from creating rights over leased EVs
New Delhi: The Delhi High Court on Tuesday restrained Gensol Engineering , Blu-Smart Fleet , and Blu-Smart Mobility from creating third-party rights in respect of 95 Tata Xpres Electric Vehicles leased by Clime Finance. Justice Jyoti Singh appointed a receiver to secure, preserve, inspect, and take immediate possession of the 95 electric vehicles. However, the court said that the receiver will only take "deemed" charge of the electric vehicles and not move them from their existing spot and would be responsible for the upkeep of the vehicles, the judge added. Last week, the HC had restrained Gensol Engineering and BluSmart Mobility from creating any third-party rights on 175 electric vehicles leased to them by Orix Leasing and Financial Services to support BluSmart's growing ride-hailing operations in India, saying the Japanese firm made a prima facie case for interim relief. Anmol Singh Jaggi, cofounder of both Gensol Engineering and BluSmart, had acted as a guarantor for the lease obligations. Counsel Abhimanyu Mahajan and Saurabh Seth, appearing for Clime, on Tuesday sought further directions to Gensol and Blu-Smart to deposit pre-termination value, penal charges and TDS due for FY2024-2025 after adjustment of security deposit of over ₹1 crore with the court registry. They said that the companies had defaulted in remitting the lease rentals for the EVs from March 2025. 'This default, along with a concerning downgrade in Gensol's credit rating, media reports of financial distress, and breaches of the lease agreement' prompted Clime to issue notices in March and April, which also went unanswered, and then terminate the lease agreement, Clime alleged. Clime had entered into an agreement where it had leased its 95 electric vehicles to Gensol and BluSmart Fleet in 2022 for use in cab and rideshare services for a period of 36 months, which was to expire in May 2025. The two companies had defaulted in remitting the lease rentals for the 95 vehicles from March, the counsel said. 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.
