In continuation with a series of orders passed against Gensol and BluSmart, the Delhi High Court on Thursday directed seizure and relocation of 129 passenger electric vehicles (EVs) in Delhi, Gurugram and Bengaluru that were hypothecated to STCI Finance by the companies after the lender alleged default in loan payments and sought to restrain them from creating any third-party rights in the vehicles.Gensol had availed a Rs 15 crore equipment term loan from STCI under a 2023 loan facility agreement for acquiring 129 EVs for commercial leasing. The loan…
