It’s been just over a month since India’s most celebrated EV ride-hailing startup, BluSmart, was pulled into insolvency proceedings. Once positioned as a torchbearer of India’s green mobility story, the company now finds itself at the heart of a corporate storm, with creditors, regulators, and employees all staking their claims.
According to filings before the Ahmedabad bench of the National Company Law Tribunal (NCLT), nearly 200 applicants have come forward with claims worth about ₹500 Cr against BluSmart’s assets. This comes despite the original insolvency petition being admitted over unpaid dues of just ₹1.28 Cr.
The magnitude of claims has left industry watchers stunned. Among the biggest creditors is Catalyst…