Crisis-hit Gensol defaults on May payment of BluSmart cabs loans

Gensol Engineering, linked to BluSmart founders, has defaulted on payments to its PTC holders. The default amount is around ₹4 crore. Repayments stopped after BluSmart cab services ceased. Grip Invest confirms the default. They are working to recover funds by selling the vehicles used as collateral. Vriksh Advisors now possesses the vehicles.