NCLAT Rejects To Revoke BlueSmart Asset Freeze, Company Directed To Lower Tribunal:

NCLAT has refused to uplift the freeze on BluSmart's asset while directing it to lower tribunal, the company is accused of corporate fraud.

NCLAT Rejects To Revoke BlueSmart Asset Freeze

Saloni Kumari

Jun 5, 2025

Last update on 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.

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Saloni Kumari

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Saloni is a Content Writer with 2+ years of experience at studycafe.in. She writes legal, taxation, and finance related content including GST, Income Tax etc. Skilled in translating complex judicial pronouncements and regulatory developments into clear, and reader-friendly articles. Experienced in covering judgements of ITAT, High Court, GSTAT, and news related to Income Tax, GST, and corporate law. She can be reached at [email protected].