July 29 (Reuters) – Indian electric cab firm BluSmart has entered insolvency, an order from a company law tribunal showed, amid mounting corporate governance issues after a regulatory probe alleged its co-founder diverted funds meant for vehicle purchases. BluSmart suspended operations in April after India’s market regulator barred co-founder Anmol Jaggi from the securities market.…
The Ahmedabad bench of the National Company Law Tribunal has admitted a petition seeking to initiate bankruptcy proceedings against ride hailing startup BluSmart Mobility. BluSmart Mobility was founded by the Jaggi brothers, the promoters of Gensol Engineering, a listed solar engineering company. Gensol itself was admitted into insolvency proceedings by the same NCLT bench in…
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The National Company Law Tribunal Ahmedabad bench on Monday admitted the cab hailing platform BluSmart Mobility into insolvency on a plea filed by Catalyst Trusteeship for a default of over Rs 1.28 crore. Additionally, The Interim Resolution Professional appointed by the NCLT for BluSmart Mobility is NPV Insolvency Professionals Private Limited. The financial creditor has…
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KUALA LUMPUR (July 29): The Dewan Rakyat on Tuesday passed a new law that will allow official liquidators or administrators from other countries to access Malaysian courts to request recognition of foreign insolvency proceedings and seek appropriate relief, including orders to halt local legal actions or secure a debtor’s assets. The Bill, known as the…
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BluSmart Mobility, the electric vehicle ride-hailing startup, has been admitted into insolvency proceedings by the National Company Law Tribunal (NCLT), Ahmedabad, following a creditor petition filed by Catalyst Trusteeship. The tribunal’s order, delivered on July 28, comes as a blow to BluSmart and adds to the growing turbulence faced by the Gurugram-based company. According to…
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,…