The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted a bankruptcy plea against ride-hailing startup BluSmart Mobility, marking another blow to the electric vehicle startup ecosystem. The insolvency proceedings were triggered following a petition filed by Catalyst Trusteeship, which approached the court in its capacity as a financial creditor.
The tribunal’s order, delivered on July 28, directed the commencement of corporate insolvency resolution proceedings (CIRP) against BluSmart Mobility. The court also appointed an interim Resolution Professional (IRP) — NPV Insolvency Professionals — to oversee the company’s operations and safeguard its assets during the resolution…