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Delhi HC orders seizure of 129 Gensol EVs over lender petition
Mint Bangalore
|May 10, 2025
The Delhi high court has ordered the seizure and relocation of 129 electric vehicles (EVs) leased by Gensol Engineering and ride-hailing startup BluSmart, over a petition by lender STCI Finance.
The lender alleged that the companies had defaulted on a ₹15 crore equipment loan and were attempting to unlawfully dispose of the financed assets.
Justice Manmeet Pritam Singh Arora, in her order on 8 May, barred Gensol and BluSmart from creating any third-party rights over the vehicles.
Citing an urgent risk of asset dissipation, the court appointed receivers to take custody of the vehicles and authorized them to arrange for their maintenance and charging to prevent deterioration.
The court also directed ICICI Bank to maintain status quo on a ₹40.62 lakh fixed deposit.
STCI Finance said Gensol made the deposit and pledged it as security for the loan.
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