Electric ride-hailing startup Blu-Smart Mobility has been admitted into corporate insolvency resolution proceedings (CIRP) by the National Company Law Tribunal (NCLT), Ahmedabad. The order, pronounced on July 28, 2025, follows a petition filed by debenture trustee Catalyst Trusteeship Limited, citing a default of ₹1.28 crore on non-convertible debentures (NCDs). This marks Blu-Smart as India’s first major EV ride-hailing firm to enter insolvency.
BluSmart had issued 15 secured NCDs worth ₹15 crore to Catalyst (acting for InCred Credit Opportunities Fund-I) on April 20, 2023, to fund its EV fleet operations. The debt carried a 24-month tenor with staggered principal repayments starting April 30, 2023. The default…