Insolvency Ordered Against BluSmart’s Tech Arm
The order passed by the National Company Law Tribunal (NCLT) in Ahmedabad is given to one of the subsidiaries of the all-electric ride-hailing corporation, BluSmart. It has formally placed Blu-Smart Mobility Tech Private Limited in the Corporate Insolvency Resolution Process (CIRP). This case is based on a petition by one of the operational creditors on unpaid dues of ₹5.84 crore.
This order is acting as a suspension of the board of directors of the subsidiary. Instead, the NCLT has filled in the position with an Interim Resolution Professional (IRP) by the name of Mr. Pawan Kumar Goyal. IRP has now been mandated to assume full control of the company assets, finances…