The National Company Law Tribunal (NCLT), Ahmedabad bench, comprising Justice Shammi Khan (Judicial Member) and Mr. Sanjeev Kumar Sharma (Technical Member), has initiated the Corporate Insolvency Resolution Process (CIRP) against Blu-Smart Mobility Ltd. (Corporate Debtor) upon an admitted default of Rs.1,28,02,195.
Brief Facts
Catalyst Trusteeship Limited (Applicant/ Financial Creditor) filed the petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Blu-Smart Mobility Limited (Corporate Debtor). The Corporate Debtor had issued 15 secured, redeemable, unrated, and unlisted Non-Convertible Debentures (NCDs) worth Rs. 15 crore, for meeting its working capital requirements for its 100% electric …