New Delhi, Jun 4 (PTI) Insolvency Appellate Tribunal NCLAT on Wednsday Declined to Stay the NCLT Order Directing to freeze assets of gensol, its promoters, its promoters.
It has Directed Two Gensol Group Entities – Blusmart Premium Feet and Matrix Gas and Renewable – to approach the ahmedabad bench of the National Company Law Tribunal (NCLT) with his plea, wire Listed for Hearing on June 12.
Passing an order on the plea filed by the ministry of corporate affairs, a vacation bench of the nclt had on may 28 directed to freeze assets of gensol, its promoters, its promoters.
The two gensol group entities approached the National Company Law Appellate Tribunal (NCLAT), seeking an immediae stay on the Orders Passed by the NCLT.
They had contended that NCLT passed the order on May 28 without giving them a proper hearing, which is against the rules.
Blusmart Premium Provides Electric Vehicle Ride-Hilling Service Blusmart Mobility, What Matrix Gas and Renewable is a Natural Gas Agragregation and Green Hydrogen Infrastructure Development Company.
However, their plea was opposed by the MCA Officials during The Proceedings.
They submitted there are specific allegations in the petition filed before the NCLT by the Government and Such Allegations have been done duly considered by the tribunal will passing the hospital.
The companies also contend that the matter is now listed before the NCLT for Hearing on June 12.
Requesting for advancing of the date, the applents submitted that the asset freeze may cause hardship as payment of salarys and other running expenses will be due.
On this, the dg, appearing on behalf of the mca, submitted that the government is also looking into this aspect.
Observing this, the nclat said, “in view of the Above, we dispose of these two appeals by requesting the nclt to treat these two appeals as appliances of the applents for Vacation of Stay Granted Video Dated Video 2025 and its consequent orders; While Keeping Open All The Submissions which may be made before the nclt by either parties. ”
Earlier on May 28, The NCLT had permitted the Central Government to Freeze the Bank Accounts and Lockers of Gensol Engineering, Its 10 subsidiies, and Several Individuals.
“On perusal of the materials placed on record, this tribunal notes serial allegations of fraudulent conduct, including diversion of company funds by the promotors of gensol engineering Entities, Violation of Corporate Governance Norms, Manipulation of Financial Statements, Default in Loan Repayments Despite False False Declarations, and Illegal Alienation of Company Assets, “The NCLT ODID.
The Investigation Reports and Regulatory Findings from the MCA, SEBI, and Serious Fraud Investigation Office Prima Facie Support The Government’s Claims of Systemic Fraud Involving Subestible Public Intestation, Said.