NCLAT Rejects Stay On Asset Freeze Order Against Gensol Group
ECONOMY & POLICY

NCLAT Rejects Stay On Asset Freeze Order Against Gensol Group

The National Company Law Appellate Tribunal (NCLAT) on Wednesday refused to stay the National Company Law Tribunal’s (NCLT) order to freeze the assets of Gensol, its promoters, and associated entities.
The appellate tribunal directed two Gensol Group companies—BluSmart Premium Feet and Matrix Gas and Renewable—to approach the Ahmedabad bench of the NCLT with their plea. The matter is scheduled for hearing on June 12.
The asset freeze order was initially passed by a vacation bench of the NCLT on 28 May, following a petition filed by the Ministry of Corporate Affairs (MCA). The order covered Gensol Engineering, its ten subsidiaries, promoters, and related individuals.
BluSmart Premium Feet, which operates the electric vehicle ride-hailing service BluSmart Mobility, and Matrix Gas and Renewable, involved in natural gas aggregation and green hydrogen infrastructure, had sought an immediate stay on the NCLT order. They argued that the NCLT passed the asset freeze without granting them a proper hearing, which they claimed was against procedural norms.
However, MCA officials opposed their plea, citing serious allegations of fraudulent conduct against Gensol and related entities. These include diversion of company funds by promoters, violations of corporate governance norms, financial statement manipulation, defaults on loan repayments despite false declarations, and illegal disposal of company assets.
The NCLT order referenced investigation reports and regulatory findings from the MCA, Securities and Exchange Board of India (SEBI), and the Serious Fraud Investigation Office, which prima facie support claims of systemic fraud affecting public interest.
During the NCLAT proceedings, the appellants requested an advancement of the hearing date, expressing concerns that the asset freeze could hinder payment of salaries and ongoing expenses. The MCA’s Director General assured the tribunal that the government was considering this aspect.
The NCLAT disposed of the appeals, requesting the NCLT to treat the appeals as applications for vacation of the stay granted in the earlier order, while keeping all submissions open for the June 12 hearing.

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

The National Company Law Appellate Tribunal (NCLAT) on Wednesday refused to stay the National Company Law Tribunal’s (NCLT) order to freeze the assets of Gensol, its promoters, and associated entities.The appellate tribunal directed two Gensol Group companies—BluSmart Premium Feet and Matrix Gas and Renewable—to approach the Ahmedabad bench of the NCLT with their plea. The matter is scheduled for hearing on June 12.The asset freeze order was initially passed by a vacation bench of the NCLT on 28 May, following a petition filed by the Ministry of Corporate Affairs (MCA). The order covered Gensol Engineering, its ten subsidiaries, promoters, and related individuals.BluSmart Premium Feet, which operates the electric vehicle ride-hailing service BluSmart Mobility, and Matrix Gas and Renewable, involved in natural gas aggregation and green hydrogen infrastructure, had sought an immediate stay on the NCLT order. They argued that the NCLT passed the asset freeze without granting them a proper hearing, which they claimed was against procedural norms.However, MCA officials opposed their plea, citing serious allegations of fraudulent conduct against Gensol and related entities. These include diversion of company funds by promoters, violations of corporate governance norms, financial statement manipulation, defaults on loan repayments despite false declarations, and illegal disposal of company assets.The NCLT order referenced investigation reports and regulatory findings from the MCA, Securities and Exchange Board of India (SEBI), and the Serious Fraud Investigation Office, which prima facie support claims of systemic fraud affecting public interest.During the NCLAT proceedings, the appellants requested an advancement of the hearing date, expressing concerns that the asset freeze could hinder payment of salaries and ongoing expenses. The MCA’s Director General assured the tribunal that the government was considering this aspect.The NCLAT disposed of the appeals, requesting the NCLT to treat the appeals as applications for vacation of the stay granted in the earlier order, while keeping all submissions open for the June 12 hearing.

Next Story
Building Material

JK Cement Starts Work on Rs 30 billion Greenfield Plant in Jaisalmer

JK Cement, one of India’s leading cement manufacturers, has commenced construction of its new greenfield plant in Jaisalmer, Rajasthan, with a proposed investment of about Rs 30 billion. Spread across 525 acres, the facility is slated for completion by early 2027 and will strengthen the company’s pan-India presence while catering to high-demand markets in Rajasthan, Gujarat and Haryana. The plant’s location offers proximity to rich limestone reserves, ensuring long-term raw material security, along with access to an established dealer and distributor network for expanded business gr..

Next Story
Real Estate

Conrad Maldives Earns PADI Eco Center Title for Ocean Conservation

Conrad Maldives Rangali Island has been certified as a PADI Eco Center, becoming one of only two luxury resorts in the Maldives to receive this recognition in 2025. The certification underscores the resort’s commitment to marine conservation, guest education, and sustainable operations.  The resort team has adopted the Conrad House Reef under PADI’s Adopt the Blue programme and conducted Dive Against Debris clean-up dives, collecting 10 kilograms of plastic and metal litter. Earlier this year, the team also joined Green Fins, introducing initiatives such as paperless check-ins, eco-br..

Next Story
Infrastructure Energy

NX Group Sets Roadmap to Triple India Revenue, Targets USD 400M by 2028

NX Group (Nippon Express Group) has outlined its strategic roadmap for powering India’s semiconductor growth during SEMICON India 2025, reaffirming logistics as a critical enabler of the nation’s ambition to become a global semiconductor hub. NX Group (India) is targeting USD 400 million in revenue by 2028, a threefold rise from 2023, underlining its focus on India’s fast-growing semiconductor ecosystem. The Indian semiconductor market is projected to reach USD 109 billion by 2030, nearly three times its 2023 size, and the company is aligning its expertise and investments to deliver..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?