DRT freezes Gensol's assets, bars transfer of IP and tech of BluSmart on plea by IREDA, PFC

DRT freezes Gensol’s assets, barring Blusmart’s IP/tech transfer on IREDA/PFC’s plea over loan defaults. The Debt Recovery Tribunal (DRT) has frozen the secured assets of Gensol Engineering and restrained the alienation of intellectual property and technology belonging to its subsidiary, BluSmart. This order was issued in response to a plea by lenders IREDA and PFC, who alleged loan defaults by Gensol and expressed concerns over the potential transfer of BluSmart's assets to evade repayment. The tribunal also appointed court receivers to take possession of BluSmart's electric vehicles, signaling a strong move by lenders to secure their interests in the face of financial distress.