India, July 29 -- The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted an insolvency plea against electric vehicle ride-hailing startup BluSmart over unpaid financial obligations totalling INR 1.28 Cr.

Catalyst Trusteeship, the petitioner, said BluSmart had issued 15 unsecured non-convertible debentures (NCDs) worth INR 15 Cr in April 2023. Acting as trustee for InCred Credit Opportunities Fund-I, Catalyst claimed that BluSmart missed payments of INR 64.17 Lakh in March and INR 63.31 Lakh in April this year.

A delayed payment from February was also mentioned.

The tribunal found enough evidence of financial default under the Insolvency and Bankruptcy Code (IBC), including an email from BluSmart's cofounder Anmol ...