NCLT Ahmedabad Admits Insolvency Proceedings Against BluSmart Over INR 1.28 Cr Default

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted an insolvency plea against electric vehicle ride-hailing startup BluSmart over unpaid financial obligations totalling INR 1.28 Cr

Catalyst Trusteeship, the petitioner, said BluSmart had issued 15 unsecured non-convertible debentures (NCDs) worth INR 15 Cr in April 2023

Acting as trustee for InCred Credit Opportunities Fund-I, Catalyst claimed that BluSmart missed payments of INR 64.17 Lakh in March and INR 63.31 Lakh in April this year

The…