ORDER

[PER: CORAM]

1. BACKGROUND

1.1 This C.P. (IB) No.596/MB/2025 (Application) was filed on 16.05.2025 by Vivriti Capital Limited, the Financial Creditor (FC), having PAN No.: AAFCV9757P under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 , for initiating Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”) in respect of Gensol Electric Vehicles Private Limited, the Corporate Debtor (CD) having CIN No.: U34100PN2022PTC212856.

1.2 As per Part IV of the Application, the amount claimed to be in default as on 28.04.2025 is Rs.3,87,87,657/- (Three Crores Eighty-Seven Lakh Eighty- Seven Thousand Six Hundred Fifty-Seven Rupees), which includes principal outstanding of Rs.3,84,09,247/-, interest accrued of Rs.3,66,522/- and penal amount of Rs.11,888/-. The date of default is stated to be 05.03.2025 in Part IV.

1.3 The Applicant has proposed Mr. Gajesh Labhchand Jain, having Registration No. IBBI/IPA-001/IP-P-01697/2019-2020/12588, to act as the Interim Resolution Professional (IRP).

2. CONTENTIONS OF APPLICANT (FC)

2.1 The Applicant is engaged in the busine