New Delhi, Aug. 5 -- The National Company Law Appellate Tribunal (NCLAT) on Tuesday barred the interim resolution professional (IRP) of bankrupt Gensol Engineering Ltd from leasing out 152 electric vehicles (EVs), following a plea by SMAS Auto Leasing India Pvt. Ltd, which had originally leased the vehicles to Gensol before it entered insolvency.

The order came after the IRP issued a public notice inviting bids to lease pre-owned EVs at a fixed monthly rental, prompting SMAS to move the appellate tribunal.

A bench led by chairperson Justice Ashok Bhushan ruled that the IRP cannot lease or dispose of the 152 EVs, which are currently under the custody of court-appointed receivers. The tribunal observed that the original lease agreements h...