Overview

• The Ahmedabad bench of the NCLT has asked BluSmart Mobility to respond within a week to separate ₹1 Crore-plus claims by Spectrum Trimpex and Catalyst Trusteeship and has issued a similar notice to Gensol Engineering over a ₹9 Crore petition by Equentia Financial Services.
• In a prior hearing, the tribunal ordered the freezing and attachment of all bank accounts and lockers held by Gensol and its associated entities following allegations of systemic fraud brought by the Ministry of Corporate Affairs.
• The tribunal has adjourned an insolvency plea filed by the Indian Renewable Energy Development Agency for a ₹510 Crore default by Gensol until June 11, compounding the company’s exposure to state-backed loan liabilities.
• SEBI’s interim order in April found that Gensol raised nearly ₹978 Crore for 6,400 electric vehicles but purchased only 4,704 units, leaving over ₹262 Crore unaccounted, and barred promoters Anmol and Puneet Singh Jaggi from market roles, prompting their resignations.
• BluSmart’s ride-hailing services remain suspended across major cities, leaving thousands of drivers and about 800 full-time employees without salaries as the company’s financial and legal troubles mount.