Troubled EPC and EV leasing firm Gensol Engineering, currently under the Corporate Insolvency Resolution Process (CIRP), has invited bids from interested parties to lease 4,000 pre-owned electric vehicles across Delhi-NCR and Bengaluru. The company, under the control of an Interim Resolution Professional (IRP), is offering the EVs on a fixed monthly lease rental with a nominal down payment, according to a public advertisement.

These electric vehicles were originally leased by Gensol Engineering to BluSmart Mobility, a related-party startup launched in 2019 to offer sustainable urban transportation. Following SEBI’s interim order in April 2025 and the subsequent suspension of BluSmart's operations, the EV fleet is now up for fresh leasing. Industry insiders say the opportunity has sparked interest from other urban EV fleet operators like Evera Cabs, Uber Electric, and Everest Fleet, who are expected to participate in the bidding process.

A senior mobility sector executive noted, “The urban EV cab market is growing. Customers are willing to pay a premium for clean and reliable transport, but the final lease value will depend on the condition of Gensol's EV fleet, which may need maintenance since BluSmart has been idle since April.”

Gensol’s troubles deepened after SEBI’s April 15, 2025, interim order, which barred the company and its promoters Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities market and ordered them to step down from the board. Investigations revealed that the company took ₹977.75 crore in loans from PSU NBFCs like IREDA and PFC but procured only 4,704 electric vehicles, despite securing funds for 6,400 EVs.

Out of the ₹977.75 crore raised, only ₹567.73 crore was actually spent on vehicle purchases. The rest, SEBI alleges, was diverted for personal use by the promoters. Rating agencies ICRA and Care Ratings had earlier flagged concerns around falsified debt servicing documents. SEBI launched its investigation after receiving complaints about share price manipulation and fund diversion in June 2024.

Following the SEBI order, both the Enforcement Directorate (ED) and the Ministry of Corporate Affairs (MCA) have also begun probes into Gensol Engineering’s financial practices.

The leasing of these pre-owned EVs is being seen as part of the broader resolution strategy to monetize Gensol’s existing assets and recover dues amid deepening regulatory and financial scrutiny.