NCLT Ahmedabad admits BluSmart into insolvency over ₹1.28 crore default

NCLT Ahmedabad admits BluSmart Mobility into insolvency after the startup defaulted on ₹1.28 crore debt; interim resolution professional appointed to manage assets

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted insolvency plea against ride-hailing startup BluSmart Mobility for the default in payment of Rs 1.28 crore loan amount.

 

The tribunal on Monday acted on the application by Catalyst Trusteeship, a BluSmart lender, ordering the initiation of insolvency process against BluSmart and appointing an interim resolution professional (IRP) to manage the company’s assets during the bankruptcy process. NPV Insolvency Professionals Private Limited is the IRP for the firm. The information was made public on Tuesday.

 

BluSmart had defaulted on Rs 15 crore debt, raised through 15 secured, redeemable, non-convertible debentures issued in April 2023. While the initial payments were made, the electric vehicle startup failed to pay over Rs 64 lakh due on March 31, 2025 and over Rs 63 lakh a month later.

 

 

In April, media reports said lenders of BluSmart were planning to invoke an 'Event of Default' clause against the platform and were seeking immediate repayment of the outstanding loan.

 

BluSmart is founded by brothers Anmol Singh and Puneet Singh, who are also the promoters of Gensol Engineering, a listed solar engineering company.

 

Gensol Engineering and Gensol EV Lease were both admitted into insolvency proceedings by the same NCLT bench in June on pleas by Indian Renewable Development Agency (Ireda) for Rs 510 crore and Rs 219 crore default, respectively.