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The Delhi High Court on Wednesday barred Gensol Engineering and its all-electric ride-hailing subsidiary BluSmart Mobility from transferring or selling over 220 electric vehicles (EVs) leased from SMAS Auto Leasing India Pvt Ltd and Shefasteq OPC Pvt Ltd.
Till now, the court has restricted Gensol and Blusmart from transferring or selling over 490 EVs by creating third-party rights.
SMAS Auto had leased 164 EVs to Gensol and 46 to Blusmart. Shefasteq had leased 10. The lessors claimed both companies failed to pay rental payments and fleet-management charges.
Justice Jyoti Singh has appointed court receivers to look after the vehicles.
The lessors filed the petitions under Section 9 of the Arbitration and Conciliation Act, which empowers the court to grant interim reliefs to parties in arbitration proceedings before, during, or even after the arbitral award is made, but before its enforcement.
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When the lessors asked for the repossession of vehicles, the court denied permission, saying such a relief does not exist under Section 9.
Gensol and BluSmart have been asked to file a status report in two days on the whereabouts of the leased EVs. They have also been asked to file a report on their assets and liabilities before the court.
On April 25, the Delhi High Court had restrained Gensol and BluSmart from creating third-party rights on the 175 EVs leased to them by Japanese financial services group Orix, which had entered into lease agreements with them as part of a green mobility initiative. Under the agreement, 175 EVs were leased to support BluSmart’s ride-hailing operations in India. The cofounder of Gensol and BluSmart, Anmol Singh Jaggi, had served as a guarantor for the lease obligations.
Orix had moved court alleging breaches in the agreement, which included default in lease payment amounting to ₹4 crore. It sought to prevent Gensol and BluSmart from disposing of leased vehicles. Orix also informed the court of its intention to start arbitration proceedings under the dispute-resolution clause in the agreements.
Similarly, on April 29, the HC barred Gensol and BluSmart from selling, transferring, or creating third-party rights for 95 EVs leased to them by finance firm Clime Finance.
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