Delhi HC Appoints Receiver for 95 EVs Leased to Gensol, BluSmart

The Delhi HC appointed a receiver to take symbolic control of 95 Tata Xpres Electric Vehicles leased by Clime Finance to Gensol and BluSmart, with the condition that the vehicles should not be moved from their current locations.

Clime Finance requested the court to stop the respondents from selling, transferring, or using the EVs as collateral and sought control over the vehicles to ensure proper maintenance.

This action followed SEBI’s ban on Gensol’s promoters from the stock market due to allegations of fund misuse and mismanagement.

The court directed the preservation of the vehicles, not possession. The next hearing is scheduled for July 24, 2025.