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NCLT Ahmedabad initiates insolvency proceedings against BluSmart

EntrackrEntrackr · 27d ago
NCLT Ahmedabad initiates insolvency proceedings against BluSmart
Medial

NCLT Ahmedabad initiates insolvency proceedings against BluSmart BluSmart Mobility, the electric vehicle ride-hailing startup, has been admitted into insolvency proceedings by the National Company Law Tribunal (NCLT), Ahmedabad, following a creditor petition filed by Catalyst Trusteeship. The tribunal’s order, delivered on July 28, comes as a blow to BluSmart and adds to the growing turbulence faced by the Gurugram-based company. According to tribunal records reviewed by Entrackr, the insolvency process was initiated after BluSmart defaulted on servicing its Rs 15 crore debt raised through 15 secured, redeemable non-convertible debentures (NCDs) issued in April 2023. Catalyst Trusteeship, acting as debenture trustee for InCred Credit Opportunities Fund-I, pointed out that BluSmart was required to redeem the NCDs in equal principal installments. However, repayments were delayed and the company ultimately defaulted on payments totaling over Rs 1.28 crore for the March and April 2025 installments, which breached the Rs 1 crore threshold for triggering action under India’s insolvency law. BluSmart’s counsel tried to defend the company, claiming payment delays were temporary and due to commercial circumstances rather than a genuine inability to pay. The company also flagged procedural issues in the proceedings, including confusion over the dates of default and initial filing defects. Its representatives argued that the petition was a tactic for debt recovery, especially since a related interim regulatory order from SEBI had been issued against BluSmart’s group company, Gensol Engineering, and its promoters just weeks earlier. The NCLT, however, dismissed these objections after considering all evidence, including bank statements, board resolutions, official notices, and a key email from BluSmart’s founder on April 10, 2025, admitting the company’s liability. The bench noted that the existence of the debt and persistent defaults was beyond doubt, and technical objections could not override the substantive lack of payment. It further clarified that regulatory proceedings against related parties did not affect its assessment of the company’s own solvency position. The tribunal admitted the insolvency petition and appointed NPV Insolvency Professionals as the Interim Resolution Professional (IRP). It placed a moratorium prohibiting all legal and recovery actions against BluSmart and directed the IRP to take over management and invite claims from creditors while continuing to operate the ride-hailing business as a going concern through the resolution process. Creditors now have the opportunity to submit revival proposals, but in the absence of a workable plan, BluSmart could be headed for liquidation. BluSmart, once a promising EV ride-hailing startup, has already suspended operations across Delhi-NCR, Bengaluru, and Mumbai since April 2025 after SEBI barred its founders over fund misuse allegations. Over 10,000 drivers were left jobless and unpaid, while customers are still waiting for wallet refunds despite the 90-day promise. The app remains non-functional, and lenders are now planning to sell off 1,500–2,000 EVs. New players like Evera Cabs are absorbing some of the fleet and drivers. Meanwhile, legal proceedings and a forensic audit are underway.

Ola Electric subsidiary resolves insolvency dispute with Rosmerta Group

EntrackrEntrackr · 5m ago
Ola Electric subsidiary resolves insolvency dispute with Rosmerta Group
Medial

Ola Electric subsidiary resolves insolvency dispute with Rosmerta Group The dispute began when the Rosmerta Group filed insolvency petitions on March 16 under Section 9 of the Insolvency and Bankruptcy Code. Ola Electric Mobility Limited has settled a legal issue involving its subsidiary, Ola Electric Technologies Private Limited, and its vehicle registration service provider, Rosmerta Digital Services Ltd. In a recent update to the National Stock Exchange (NSE) and BSE, Ola Electric said that all outstanding payments have been cleared. As part of the agreement, Rosmerta has asked the National Company Law Tribunal (NCLT) in Bengaluru to withdraw the case. Ola Electric also stated that there are no further disagreements between the two parties and reaffirmed its commitment to strong business partnerships and the timely resolution of any future issues. "With the receipt of INR 26,75,24,339/- which consists of the entire claim raised before NCLT, Rosmerta Group companies are withdrawing its petitions before the NCLT, Bengaluru," said a Rosmerta Digital spokesperson. "No further causes of action exist between Rosmerta Group and Ola Electric, whose relationship shall now be governed by the Settlement Agreement executed between them." The dispute began when the Rosmerta Group filed insolvency petitions on March 16 under Section 9 of the Insolvency and Bankruptcy Code. The petition was filed with the NCLT Bengaluru Bench, claiming that Ola Electric Technologies Pvt Ltd had not paid for services provided by the creditor. It requested the court to start insolvency proceedings against the company. Last month, Ola Electric said it sold over 25,000 electric two-wheelers in February 2025, maintaining its 28% market share in the segment. However, the sales numbers on Vahan — a government database managed by the Ministry of Road Transport and Highways — did not match the company’s claim. Ola Electric clarified that the mismatch was due to ongoing negotiations with its vehicle registration vendors. The company said the backlog caused by the data mismatch has been cleared, but the government has requested more information on the matter.

Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default

EntrackrEntrackr · 3m ago
Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default
Medial

Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default The Indian Renewable Energy Development Agency (IREDA) has moved the National Company Law Tribunal (NCLT) against Gensol Engineering Ltd, seeking insolvency proceedings over a Rs 510 crore loan default, according to a regulatory filing made to the Bombay Stock Exchange (BSE). As per the filing, IREDA has filed the application under Section 7 of the Insolvency and Bankruptcy Code (IBC), showing a significant step in its attempt to recover dues from the Ahmedabad-based renewable energy firm. Gensol, which has been active in engineering, procurement, and construction (EPC) services for solar power projects, as well as in the electric mobility space, had taken loans amounting to over Rs 977 crore from IREDA and Power Finance Corporation (PFC). Out of Rs 977 crore, around Rs 664 crore was allocated for purchasing EVs for BluSmart, an electric ride-hailing platform co-founded by Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi. This insolvency action comes just weeks after IREDA complained to the Economic Offences Wing (EOW), accusing Gensol of diverting funds and submitting false documents. The agency also said the company’s promoters reduced their shareholding without informing the lender. Following the controversy, market regulator SEBI barred both Jaggi brothers from holding any executive or directorial positions in listed companies. The duo stepped down from their respective roles on May 12. Gensol, once considered a rising player in India’s green mobility and solar infra push, is now facing a potential corporate insolvency resolution process (CIRP), subject to admission by the National Company Law Tribunal (NCLT).

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