New Delhi, June 5, 2025 

The National Company Law Appellate Tribunal (NCLAT) has directed the National Company Law Tribunal (NCLT) to urgently hear petitions filed by BluSmart Premium Fleet and Matrix Gas and Renewables, two subsidiaries of the Gensol Group, against the freezing of their bank and demat accounts. The matter is now scheduled for hearing on June 9, 2025.

The asset freeze was initiated under an NCLT order passed on May 28 following serious allegations of financial irregularities at Gensol Engineering. The petitioners argue that while Gensol is under scrutiny, no specific charges have been made against BluSmart or Matrix Gas. Despite this, their operational accounts were frozen, affecting payroll, vendor payments, and ongoing projects.

Appearing before the appellate tribunal, both companies stressed the urgency of the matter, pointing out that they are independently managed and not directly involved in the alleged misconduct.

While the NCLAT refused to grant interim relief in the form of an immediate unfreezing of accounts, it acknowledged the operational crisis faced by the companies and ordered the NCLT to prioritize the matter. Legal observers say the June 9 hearing will be a key test of procedural fairness when dealing with group entities.

The case has drawn significant attention, especially from India’s startup and clean-energy sectors, given BluSmart’s position as a growing EV mobility service and Matrix Gas’s role in renewable infrastructure.