The Delhi High Court prevents gensol to transfer 95 EVs, appointing the recipient for their maintenance | Company Business News

The Delhi High Court has prohibited Gensol Engineering Ltd and Blusmart Mobility Pvt Ltd from selling, transferring or creating the rights for 95 electric vehicles (EVs) by Climate Finance Company Clime Finance Private Limited. Justice Jyoti Singh, while on Tuesday issued a notice to Gensol, Blusmart and their promoters, said a court appointed to arrest the EVs to secure their maintenance, especially battery interview. No one appeared for Gensol during the trial. “This court is of the opinion that it is appropriate to appoint a receiver, which must record the vehicles and ensure that they are properly charged to drain the batteries,” the court said. However, the cars will not be moved from their current locations. The court also ordered the EV company not to impede the recipient’s work. “In the case of any obstacle, it will be open to the recipient to provide the police’s assistance from the local police station, which will provide full cooperation,” the court said. The recipient’s fee was determined at £ 5 lakh, with a mandate to submit periodic reports on the condition and maintenance of the vehicles. The alleged default on rental payments. Climbing financing shifted the Supreme Court on Tuesday under the Arbitration and Reconciliation Act, saying that in 2022 95 Tata XPress-T-electric vehicles it leased to the taxi and riding fees for three years. Clime said Gensol and Blusmart did not pay for rental payments in March 2025. Clime argued that his contracts allowed it to take the vehicles back in the event of a default. The company demanded ‘absolute and paramount rights’ over the EVS and said that the leases had ended. “These leases were terminated, and Sebi also began an investigation against the respondent, Mr Puneet Jaggi. “These are electric vehicles, and if their batteries are not maintained, they will be drained, causing irreversible damage … I do not ask at this stage, but at least the recipient should take sufficient steps to keep the cars,” he added. The court will hear the case next July 24. Second holds in a week this is the second legal blow in a week for gensol and blush over rented EVs. On April 25, Justice Jyoti Singh prevented the firms from creating third-party rights for 175 electric vehicles rented to them by Japanese financial services firm Orix, who claimed to have violated rental conditions and did not make payments. Founded in 2019 by Anmol Singh Jaggi, Puneet Singh Jaggi and Punit K Goyal, position himself as India’s first All-Electric Ride-Hailing Platform. From January, it claims a fleet of over 8,500 EVs, 5.800 loading points over 50 hubs and over 10,000 active drivers. Sebi recently issued a notice on the cause of the company about alleged management, including unknown related party transactions and alleged financial irregularities. The Markets regulator also hindered the Jaggi brothers to hold key management roles in any listed entity and both gensol and its promoters limited to access to capital markets. The alleged abuse of loans gensol is also being investigated in handling approximately £ 978 crore loans from Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency (IREDA), intended for the acquisition of 6.400 EVs. Disclosures indicate that only 4.704 vehicles were actually purchased. PFC has lodged a complaint with the wing of the Delhi economic offenses in which he claims the submission of forged documents. Ireda, which is believed to have financed 3.400 of the EVs, may be more than 1400 vehicles short based on regulatory filing. Mint previously reported that PFC had investigated the legal profession, including proceedings in insolvency courts and tribunals for debt repair, to recover its fees. Meanwhile, Blusmart temporarily closed its app and informed users that reservations were interrupted until May 7. In ‘NE -mail to customers, the company promised repayments within 90 days if services outside that date were suspended. First published: 29 Apr 2025, 01:13 pm Ist