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 Resolution Professional (IRP) for the insolvency process and ordered the commencement of the Corporate Insolvency Resolution Process (CIRP), imposed a moratorium under Section 14 and directed NPV to take charge of BluSmart’s assets within 7 days.
Moratorium and public notice timeline
The moratorium prohibits the initiation or…