Insolvency Guardian Media Centre
BluSmart Insolvency News: Electric Cab Firm Faces Proceedings Amid Fund Misuse Allegations Deccan Herald
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The Enforcement Directorate (ED) has launched search operations at over 35 premises linked to companies and executives associated with Anil Ambani’s Reliance Group in connection with a suspected Rs 3,000 crore loan fraud and money laundering case.
Reliance Power and Reliance Infrastructure issued a statement and said the ED raids relate to old cases involving other group firms and clarified they have no links to those companies or the matters under investigation.
The operation, which is being carried out under Section 17 of the Prevention of Money Laundering Act (PMLA), follows two FIRs registered by the Central Bureau of Investigation (CBI) — RC2242022A0002 and RC2242022A0003.
These complaints relate to allegations of loan diversion,…
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The National Company Law Tribunal Ahmedabad bench on Monday admitted the cab hailing platform BluSmart Mobility into insolvency on a plea filed by Catalyst Trusteeship for a default of over Rs 1.28 crore.
Additionally, The Interim Resolution Professional appointed by the NCLT for BluSmart Mobility is NPV Insolvency Professionals Private Limited.
The financial creditor has been directed to pay an advance of Rs 10 lakh to meet the initial costs of the process. This amount will be adjusted against the final fees and expenses approved by the Committee of Creditors.
The IRP is expected to take control of all assets and records of the company within seven days of the order. If necessary, the IRP can seek help from the police, and the tribunal…
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The Ahmedabad bench of the National Company Law Tribunal (NCLT) on July 29, 2025 admitted BluSmart Mobility, the Gurugram‑based electric ride‑hailing start‑up, into corporate insolvency proceedings, Economic Times reported. The decision follows a petition by Catalyst Trusteeship, which alleged that BluSmart had defaulted on bond repayments totalling Rs 1.28 crore.
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BluSmart enters insolvency proceedings amid corporate governance challenges TradingView
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BluSmart enters insolvency proceedings amid corporate governance challenges Reuters
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The Firm advised and represented the committee of creditors (“CoC”) of Vidarbha Industries Power Limited (“Corporate Debtor”) during the corporate insolvency resolution process (“CIRP”) of the Corporate Debtor under the provisions of the Insolvency and Bankruptcy Code, 2016, as amended (“Code”). The CoC comprised of CFM Asset Reconstruction Private Limited and Pallas Holdings Limited.
The CIRP was initiated against the Corporate Debtor vide order dated September 30, 2024, passed by the Hon’ble National Company Law Tribunal, Mumbai Bench (“NCLT”). After extensive negotiations, the resolution plan submitted by Adani Power Limited (“Resolution Applicant” and such plan is referred to as “Resolution Plan”) was…
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KUALA LUMPUR (July 29): The Dewan Rakyat on Tuesday passed a new law that will allow official liquidators or administrators from other countries to access Malaysian courts to request recognition of foreign insolvency proceedings and seek appropriate relief, including orders to halt local legal actions or secure a debtor’s assets.
The Bill, known as the Cross-Border Insolvency Bill 2025, will also allow Malaysian insolvency practitioners to apply for recognition of local proceedings in foreign courts. The Bill was approved by a majority voice vote after being debated by 11 Members of Parliament.
Minister Azalina Othman Said explained that, until now, Malaysia didn’t have a clear law for handling company bankruptcies that involve…
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NAB has joined Commonwealth Bank in relaxing its borrowing rules for people who have a HECS-HELP debt. The federal government asked banks and financial regulators to ease rules earlier this year to make it easier for those with student loans to get a mortgage.
From July 31, NAB has announced that having a student debt of $20,000 or less will no longer affect how much you can borrow for a home loan. That change means Aussies with a HECS-HELP debt could see a boost to their borrowing power.
NAB executive for home ownership Matt Dawson said the change would mean more people would be able to own a home faster.
…
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