Gensol EV Lease Limited's Application Under IBC Section 9 Accepted; Corporate Insolvency Resolution Process Initiated for Rs. 1.61 Crore Default
The National Company Law Tribunal (NCLT) Ahmedabad bench, on December 19, 2025, admitted a petition filed by Gensol EV Lease Limited, initiating the Corporate Insolvency Resolution Process (CIRP) against Mindra EV Private Limited. This action follows a default by Mindra EV in the payment of operational debt amounting to Rs. 1,61,39,864. The tribunal, comprising Mr. Shammi Khan, Member (Judicial), and Mr. Sanjeev Sharma, Member (Technical), found sufficient grounds to commence CIRP under Section 9 of the Insolvency and Bankruptcy Code, 2016.
Gensol EV Lease, represented by its advocate Mr. Rishi Singhal, claimed that Mindra EV defaulted in repaying the operational advance paid for setting up and supplying EV charging hubs. Despite several reminders and a statutory demand notice, Mindra EV failed to settle the outstanding amount or raise any bona fide dispute within the statutory period. The tribunal noted that Mindra EV remained absent from the proceedings, leading to an ex-parte decision.
The tribunal's order also declared a moratorium under Section 14 of the IBC, prohibiting the initiation or continuation of legal proceedings against Mindra EV and the transfer or disposal of its assets. Essential goods and services to Mindra EV are to remain uninterrupted during the moratorium.
Mr. Rajender Pal Chandel has been appointed as the Interim Resolution Professional (IRP) to oversee the CIRP. The tribunal directed the IRP to make a public announcement and call for claims submission. Gensol EV Lease is to provide an advance payment for the IRP's initial expenses.
This judgment underscores the tribunal's commitment to facilitating timely insolvency resolutions and ensuring compliance with statutory requirements, thereby providing a structured mechanism for operational creditors to recover dues.
Bottom Line:
Insolvency and Bankruptcy Code, 2016 - Application under Section 9 of IBC for initiating Corporate Insolvency Resolution Process (CIRP) against Corporate Debtor for operational debt default - Petition admitted upon establishing existence of operational debt, default, compliance with statutory requirements under IBC, and absence of pre-existing dispute.
Statutory provision(s): Insolvency and Bankruptcy Code, 2016 Sections 8, 9, 13, 14
