India, June 4 -- Gensol can't seem to catch a breath. Now, the National Company Law Appellate Tribunal (NCLAT) has rejected two pleas filed by Gensol-linked entities: BluSmart Premium Fleet and Matrix Gas and Renewables, seeking a stay on the freeze of their assets ordered by an Ahmedabad bench of the National Company Law Tribunal (NCLT).

The NCLAT's Delhi bench on Wednesday (June 4) refused to intervene and directed the petitioners to present their case before the NCLT, which is scheduled to hear the matter on June 12.

Notably, Gensol approached the appellate body (NCALT) with a plea that the freeze was imposed by the NCLT without a hearing. In its second petition, the troubled company pleaded that it was struggling to process the sala...