India, May 9 -- The Delhi High Court has ordered seizure and relocation of 129 electric vehicles leased by Gensol Engineering to ride-hailing startup BluSmart, following a petition by lender STCI Finance Ltd.

STCI Finance, one of the lenders of the EPC company, filed a suit against Gensol, seeking to recover INR 11.25 Cr and also restraining the latter from creating any third party rights or interest for the EVs mentioned above.

STCI Finance and Gensol had signed a loan facility agreement back in 2023 where the former had granted an equipment term loan to the tune of INR 15 Cr for the purchase of the 129 EVs.

A court order passed by Justice Manjeet Pritam Singh Arora yesterday says, "The plaintiff may suffer loss if the possession of t...