Indian Renewable Energy Development Agency Limited Vs GENSOL EV Lease Limited (NCLT Ahmedabad)
Summary: The National Company Law Tribunal, Division Bench, Court-I, Ahmedabad, by order dated 10.07.2026, partly allowed IA No. 181/(AHM)/2026 filed by Mr. Keshav Khaneja, Resolution Professional of Gensol EV Lease Limited, against Moeving Urban Technologies Pvt. Ltd. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016. The Resolution Professional sought directions for return of 124 electric vehicles belonging to the Corporate Debtor and recovery of outstanding lease rentals and other contractual dues.
Gensol EV Lease Limited had entered into a Master Lease Agreement and Fleet Management Service Agreement with Moeving Urban Technologies Pvt. Ltd. on 01.09.2023. According to the Applicant, Gensol remained the owner and lessor of the electric vehicles, while Moeving was granted the contractual right to use them for logistics operations. The Applicant stated that payments were made until January 2024 but defaults occurred from January 2025 onwards. A notice dated 18.04.2025 demanded Rs.1,36,57,538 towards outstanding lease rentals. A repayment arrangement was subsequently agreed in February 2025, under which weekly payments of Rs.5 lakhs and a substantial payment of Rs.20-25 lakhs in the last week of February 2025 were contemplated, but the Respondent did not adhere to the schedule.
