NCLAT has refused to uplift the freeze on BluSmart's asset while directing it to lower tribunal, the company is accused of corporate fraud.
Saloni Kumari | Jun 5, 2025 |
NCLAT Rejects To Revoke BlueSmart Asset Freeze, Company Directed To Lower Tribunal
NCLAT ( National Company Law Appellate Tribunal ) has refused to cancel the asset freeze imposed on the bank accounts of Gensol Engineering Ltd and instead has commanded the company to reach out to National Company Law Tribunal regarding the plea.
On May 28, the NCLT issued an order stating an asset freeze against Gensol, all its promoters, and other related entities, over accusations of corporate fraud and financial misrepresentation.
The owner of the firm BluSmart is currently the major subject of investigation.
Anmol Singh Jaggi and Puneet Singh Jaggi, promoter’s of Gensol, were involved in diverting company funds, falsifying financial statements, and unauthorised alienation of assets, meanwhile the company failed to pay its large-scale loans despite asserting otherwise.
Gensol stated before NCLAT that due to the asset freeze it is failing to pay its employees and meet operational expenses. The company also added that it is a “going concern” and frozen account may lead to corporate death for it.
NCLT is set to hear BluSmart’s plea on June 9.
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"
