Electric Ride-Hailing Startup BluSmart Drives Into Insolvency

(The Corner Office Journal) -- India's National Company Law Tribunal (NCLT) admitted Blu-Smart Mobility Ltd. for insolvency resolution following a petition filed by Catalyst Trusteeship Ltd.

The Ahmedabad bench of the NCLT admitted Blu-Smart Mobility, India's first and largest all-electric ride-hailing startup, under the corporate insolvency resolution process (CIRP) on 28 July, the tribunal order showed.

The order was passed by Judicial Member Shammi Khan and Technical Member Sanjeev Kumar Sharma.

Catalyst Trusteeship, acting as a debenture trustee for Incred Credit Opportunities Fund-I and a financial creditor, filed the insolvency petition alleging a default of 1.28 crore rupees ($147,729).

The NCLT, after hearing the arguments and going through the presented documents, said the financial creditor established the existence of a financial debt of 15 crore rupees, with a default of 1.28 crore rupees exceeding the Insolvency & Bankruptcy threshold.

“This tribunal is satisfied that the financial creditor is entitled to the relief as sought,” it said, and admitted Blu-Smart Mobility for insolvency resolution.

The NCLT also appointed NPV Insolvency Professionals Private Ltd, as the interim resolution professional (IRP) of Blu-Smart Mobility, an e-cab service co-founded by bankrupt Gensol Engineering Ltd.’s promoter Anmol Singh Jaggi.

In a separate order, the NCLT ordered Blu-Smart Mobility’s another financial creditor, Spectrum Trimpex Private Ltd., to file its claim before the IRP as the company was already admitted for insolvency resolution.

In June 2025, the NCLT admitted Gensol Engineering and its subsidiary Gensol EV Lease Ltd. for insolvency resolution, following separate cases filed by Indian Renewable Energy Development Agency Ltd.

Note: $1 = 86.6454 Indian rupees

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