When the National Company Law Tribunal (NCLT) was established in 2016 as the unified adjudicatory forum for company law, it bore the promise of timely, specialised justice in a space long weighed down by fragmented forums and procedural drift. That same year, the Insolvency and Bankruptcy Code (IBC) positioned the NCLT and its appellate counterpart,…
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…
Chapter 7 bankruptcy: 100-year-old furniture chain liquidated TheStreet Read the original article here
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The National Company Law Tribunal’s (NCLT) Ahmedabad branch initiated insolvency proceedings against cab-hailing platform BluSmart Mobility over a plea filed by financial creditor Catalyst Trusteeship, for a loan default totalling Rs 1.3 crore. The Tribunal, comprising of Judicial Member Shammi Khan and Technical Member Sanjeev Kumar appointed NPV Insolvency Professionals Private Limited as the Interim…
NCLAT Dismisses Appeal, Grants Liberty to Seek Withdrawal of CIRP Under Section 12A; CoC Constitution Deferred for Two Weeks Taxscan Read the original article here
In a relief for JSW Steel Ltd, the Supreme Court on Tuesday agreed to hear a review petition in open court against its 2 May verdict quashing the company’s ₹19,350 crore acquisition of Bhushan Power and Steel Ltd and ordering BPSL’s liquidation. A bench led by Chief Justice B.R. Gavai and Justice Satish Chandra Sharma passed the…
The wheels have come off the fraud-hit BluSmart Mobility, once hailed as a pioneer in India’s electric ride-hailing startup, as the company has been formally admitted into insolvency by the National Company Law Tribunal (NCLT) in Ahmedabad. The move follows payment defaults totalling over ₹1.28 crore and adds BluSmart to a growing list of Gensol-linked…
NCLT Admits Insolvency Plea against BluSmart Mobility Over Rs1.28 Crore Default Moneylife Read the original article here
BluSmart files for insolvency amidst mounting corporate governance challenges: Report YourStory.com Read the original article here