EV ride-hailing firm BluSmart's tech arm heads for insolvency
Blu-Smart Mobility Tech, part of the EV ride-hailing company BluSmart, is facing insolvency after the National Company Law Tribunal (NCLT) in Ahmedabad admitted a petition over unpaid dues of ₹5.84 crore for the entire financial year FY25.
The case was brought by Lepton Software Export and Research, who claimed Blu-Smart defaulted on operational payments.
With this move, the tribunal has started formal insolvency proceedings under India's bankruptcy code.
Interim resolution professional appointed
The NCLT has appointed Pawan Kumar Goyal as interim resolution professional and suspended the company's board.
For now, creditors can't make new claims while Goyal takes charge of all assets and documents.
The overall goal is to bring together all group entities and try to recover as much value as possible for those owed money.