NCLT Ahmedabad Disposes Gensol's Insolvency Case Against Mindra EV After ₹1.5 Crore Settlement

The National Company Law Tribunal (NCLT) at Ahmedabad has recently disposed of as infructuous insolvency proceedings initiated by Gensol EV Lease Limited against Mindra EV Private Limited after the parties entered into a settlement agreement.

A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma passed the order.

Gensol had filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of Corporate Insolvency Resolution Process against Mindra EV Private Limited over an alleged operational debt of ₹1,61,39,864.

Gensol, which is engaged in the business of leasing electric vehicles and related infrastructure, was itself undergoing CIRP pursuant to an order passed by the NCLT Ahmedabad on June 13, 2025. The petition against Mindra was filed through Gensol's Resolution Professional, Keshav Khaneja.

According to the plea, Gensol had issued a purchase order dated April 4, 2024 to Mindra for setting up and supply of EV charging hubs and paid aggregate advances of ₹2,13,98,500 between April 9, 2024 and June 1, 2024.

However, Mindra allegedly supplied goods and services worth only ₹52,58,636, leaving the balance advance unadjusted.

The tribunal admitted the insolvency petition on December 19, 2025, after noting that Mindra failed to appear or contest the proceedings despite service of notice.

Subsequently, the parties filed a joint pursis on April 7, 2026 along with a settlement agreement and proof of payment of an upfront amount of ₹15 lakh.

The parties informed the tribunal that they had amicably resolved their disputes through a full and final settlement of ₹1.50 crore, with the balance amount to be paid in tranches, with the last instalment due on or before March 7, 2027.

“In view of the aforesaid settlement arrived at between the parties, nothing survives for adjudication in the present petition,” the tribunal observed.

Accordingly, the company petition was dismissed as infructuous.

For Applicant: Advocate Rishi Singhal

For Respondent: Advocates Hirva Dave and Jaimin Dave