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The NCLT in Ahmedabad has admitted Catalyst Trusteeship’s petition against BluSmart Mobility for defaulting on dues of Rs 1.28 crore, initiating CIRP.
ccording to the shared court order copy, the tribunal said that Gensol had failed to maintain financial discipline, citing defaults on 31 March, 19 April, and 12 May 2025.
The National Company Law Tribunal (NCLT) in Ahmedabad has admitted a petition filed by Catalyst Trusteeship against BluSmart Mobility for defaulting on dues worth approximately Rs 1.28 crore. The order marks the initiation of the corporate insolvency resolution process (CIRP) against the electric cab operator, with NPV Insolvency Professionals Private Ltd appointed as the Interim Resolution Professional (IRP).
BluSmart, once regarded as a rising player in India’s electric vehicle (EV) ride-hailing space, has been under increasing financial strain in recent months. Despite raising venture capital and expanding its EV fleet, the company has struggled to manage cash flows and meet operating expenses, leading to the current insolvency proceedings.
The CIRP, in the best-case scenario, is expected to take 180 days, provided there are no legal complications such as litigation from promoters. “If things go smoothly, resolution could come within six months,” said a person familiar with the process.
The situation worsens with BluSmart’s key backer, Gensol Engineering, and its subsidiary Gensol EV Lease, also facing insolvency action. The NCLT recently admitted separate petitions filed by the Indian Renewable Energy Development Agency (Ireda), citing defaults of Rs 510.10 crore by Gensol Engineering and Rs 218.95 crore by Gensol EV Lease.
IREDA, a public sector NBFC under the Ministry of New and Renewable Energy, alleged that Gensol defaulted on loan repayments worth Rs 510.10 crore across five sanctioned financial facilities, including electric vehicle leasing and solar power projects. The loans were disbursed between March 2022 and May 2024.
According to the shared court order copy, the tribunal said that Gensol had failed to maintain financial discipline, citing defaults on 31 March, 19 April, and 12 May 2025.
IREDA in the filing said that it filed an application on May 14 under Section 7 of Insolvency and Bankruptcy code, 2016 against Gensol Engineering Limited for a defaulted amount of Rs 510,00,52,672.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
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