New Delhi, May 9 -- The Delhi high court has ordered the seizure and relocation of 129 electric vehicles leased by Gensol Engineering and ride-hailing startup BluSmart, acting on a petition by lender STCI Finance.

The lender alleged that the companies had defaulted on a Rs.15 crore equipment loan and were attempting to unlawfully dispose of the financed assets.

Justice Manmeet Pritam Singh Arora, in her order on Thursday, 8 May, barred Gensol and BluSmart from creating any third-party rights over the vehicles. Citing an urgent risk of asset dissipation, the court appointed receivers to take custody of the vehicles and authorized them to arrange for their maintenance and charging to prevent deterioration.

The court also directed ICICI B...