New Delhi, Feb. 24 -- BluSmart Mobility, an electric cab-hailing service, defaulted on Rs.30 crore worth of bonds in early February because of a cash crunch, said two people aware of the development.

The Gurugram-based company paid the holders of non-convertible debentures (NCD) over the weekend, said the people cited above on the condition of anonymity. However, the initial delay caused the trustee of the NCDs to trigger a "cross-default" and call a meeting on March 17. A cross-default puts a borrower in default on all obligations if it fails to repay one on time.

The NCD payment of Rs.30 crore at a coupon rate of 12% was initially due on 3 February, one of the people cited above said. The company repaid around Rs.18 crore by Friday, 2...