The Delhi High Court has stepped in once again over the financial dispute involving Gensol and the now-defunct BluSmart. On Thursday, the court ordered that 129 electric cars, tied to an outstanding loan, be seized and moved to secure storage across Delhi, Gurugram, and Bengaluru.
The case stems from a loan deal Gensol signed with STCI Finance in 2023. Under the agreement, Gensol borrowed Rs 15 crore to acquire a fleet of EVs, intended for commercial leasing. The vehicles were hypothecated to STCI, with Gensol’s promoters Puneet Singh Jaggi and Anmol Singh Jaggi personally guaranteeing the loan.
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According to STCI, the money was paid directly to suppliers, after which the cars were leased to BluSmart—Gensol’s associate company. But with BluSmart shutting operations, and payments allegedly defaulted on, STCI turned to the courts to prevent any transfer or misuse of the vehicles.
Justice Manmeet Pritam Singh Arora, acknowledging the lender’s concern that the vehicles could be scattered or misappropriated, appointed three court receivers. Their mandate: track down the entire fleet, create a detailed inventory, and shift the cars to secure facilities to prevent further risk.
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The latest order adds to a string of legal developments in the matter, underscoring how financial missteps in the electric mobility space are starting to draw serious judicial attention.
