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 June.
The court ordered initiation of corporate insolvency procedures on BluSmart Mobility from the date of pronouncement of the order. It has appointed a resolution professional to manage the company’s assets during the bankruptcy process.
In the order, which was pronounced on July 28, the bench decided on an application made by Catalyst Trusteeship, in its…