# Mahindra and Mahindra Financial Services Limited vs. Keshav Khaneja RP for Gensol Engineering Limited & Anr.

> NCLT judgment dated 2026-08-20. Citation: TCN-2026-NCLT-00974. Mahindra & Mahindra Financial Services Limited (MMFSL) filed an application under Section 60(5)…

- **Court:** NCLT
- **Order date:** 20 Aug 2026
- **Citation:** TCN-2026-NCLT-00974
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/mahindra-and-mahindra-financial-services-limited-vs-keshav-khaneja-rp-for-gensol-wqqfd

## Summary

### Background

Mahindra & Mahindra Financial Services Limited (MMFSL) filed an application under Section 60(5) of the IBC, 2016, seeking directions for the disclosure of location and handover of 17 electric vehicles. MMFSL had leased a total of 419 vehicles to Gensol Engineering Limited (Corporate Debtor) and Blu-Smart Mobility Limited, claiming absolute ownership. The lease agreements were terminated on 18.03.2025, prior to the Corporate Debtor's admission into CIRP on 13.06.2025. While 291 vehicles were recovered, 17 remained in the Corporate Debtor's possession. Indian Renewable Energy Development Agency Limited (IREDA) intervened, claiming a prior security interest over the same vehicles through hypothecation, alleging dual financing. Go Auto Private Limited, the vehicle

…

## Facts

Mahindra & Mahindra Financial Services Limited (MMFSL) filed IA/1294(AHM)2025 on 17.10.2025 under Section 60(5) of the IBC, 2016, read with Rule 11 of NCLT Rules, 2016.

MMFSL sanctioned lease facilities of Rs. 30 Crore, Rs. 40 Crore, and Rs. 15 Crore on 29.12.2021, 21.09.2022, and 14.03.2023, respectively, to Gensol Engineering Limited (GEL) and Blu-Smart Mobility Limited (BML).

Lease Agreements were executed on 31.12.2021, 23.09.2022, and 17.03.2023, for a total of 419 electric vehicles.

MMFSL remained the absolute owner of all leased vehicles throughout the lease arrangements.

Due to defaults by lessees, MMFSL issued Termination-cum-Demand Notices on 18.03.2025, terminating all lease agreements prior to the CIRP initiation.

…

## Issues and analysis

### Issue 1: Whether the Applicant (MMFSL) has established …

**Ratio:** MMFSL established superior proprietary and contractual entitlement for 10 traced vehicles

…

**Reasoning:** MMFSL provided Lease Agreements, Purchase Order No. 2412 (dated 21.03.2023), tax invoices

…

**Interpretation:** The cumulative evidence, including the purchase transaction, payment, lease

…

**Application:** For the 10 traced vehicles, MMFSL's ownership is established, and they are not

…

## Parties

- **Judges:** SHAMMI KHAN,…; SANJEEV SHARMA,…
- **Appellants:** Mahindra &…
- **Respondents:** Gensol Engineering…; Keshav Khaneja RP…; +2 more
- **Other parties:** CoC…; Keshav Kh…
- **Advocates:** Sharad…; Samarth…; +11 more

## Timeline

- **2021-12-29 — MMFSL Sanctions Lease…**: Mahindra & Mahindra Financial Services Limited (MMFSL) sanctioned a lease facility of Rs.…
- **2021-12-31 — Lease Agreement…**: A Lease Agreement was executed between MMFSL and Gensol Engineering Limited/Blu-Smart…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-ahmedabad/mahindra-and-mahindra-financial-services-limited-vs-keshav-khaneja-rp-for-gensol-wqqfd