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Judgment
(Hybrid Mode)
I.A. No. 120 of 2026:
This is an application praying for following reliefs:
“a)Pass an order allowing the present application; and b) Pass and order thereby staying the operation of the impugned order dated 31.10.2025 passed by the Ld. AA in LA. No. 1006/ AHM/2025 in Company Petition (IB) No. 195/AHM/2025 in the matter of ((Indian Renewable Energy Development Agency Limited us. Gensol Engineering Ltd."; and c) Pass an order restraining the Respondent (RP) and/ or any person acting under him from claiming possession, taking control, or otherwise interfering Cont’d…/ with the repossessed hypothecated vehicles held by the Appellant; and”
Learned counsel for the Appellant submits that the Appellant has extended a loan facility to the Corporate Debtor with respect to 129 Electric Vehicles which were hypothecated to the Appellant. The Appellant filed a suit CS (Comm) 438 of 2025 in the Delhi High Court where the Delhi High Court passed an order appointing the Administrator to take possession of the hypothecated vehicles and issued direction in Para 29 of the order. In pursuance of the order the Delhi High Court dated 06.05.2025 the Administrator took possession of 118 electric vehicles out of 129, which vehicles are now in possession of the Appellant.
It is submitted that CIRP commenced on 13.06.2025 and the Resolution Professional has written for handing over the possession of the vehicles. Learned counsel for the RP submits that the Adjudicating Authority directed the Resolution Professional to take possession of the vehicles.
The Appellant filed I.A. No.1006 of 2025 seeking direction to conduct sale of the hypothecated electric vehicles and certain other reliefs, which application came to be rejected by the Adjudicating Authority on 31.10.2025 against which this appeal has been filed, where notices were issued and parties have appeared. The grievance of the Appellant is that the Resolution Professional filed an application seeking direction to handover the possession of the vehicles to the Resolution Professional, which is coming on day after tomorrow.
In this appeal, the pleadings are complete. We are of the view that the appeal need to be heard. We list the appeal on 06.05.2025 for hearing and disposal.
In the meantime, status quo with regard to the vehicles be maintained. Appellant shall not sell vehicles and create any third party interest. Application I.A. No. 120 of 2026 is disposed of.