BluSmart Faces ₹500 Cr Creditor Claims for Assets After NCLT Admits Insolvency Plea

More than 200 applicants have likely staked claims worth about ₹500 crore for the assets of crisis-hit ride-hailing start-up BluSmart. This came nearly after a month the Ahmedabad bench of the National Company Law Tribunal (NCLT) had admitted an insolvency plea against the start-up over unpaid financial obligations totaling ₹1.28 crore.

Among these applicants, Catalyst Trusteeship has the largest claim at ₹250 crore, followed by the Indian Renewable Energy Development Agency (IREDA) with ₹130 crore, NDTV Profit reported. Several former top executives, including cofounder Punit K Goyal, have filed employee dues claims of over ₹1 crore each. Tata Capital has also submitted a claim of ₹5 crore.

On July 29, the Ahmedabad bench of the NCLT admitted Catalyst’s plea against BluSmart after finding evidences of alleged financial default under the Insolvency and Bankruptcy Code (IBC), including an email from cofounder Anmol Singh Jaggi who acknowledged the dues.

The tribunal appointed NPV Insolvency Professionals as the interim resolution professional (IRP) and directed the IRP to assume control of BluSmart’s assets as a “going concern”. The court also instructed the company’s promoters and management to cooperate with the insolvency process pending the resolution plan.

BluSmart's Insolvency Proceedings

BluSmart raised ₹15 crore through non‑convertible debentures (NCDs) in 2023. While early payments were met, the company failed to settle ₹64 lakh due on March 31, 2025 and ₹63 lakh due on April 30, 2025, according to filings by Catalyst Trusteeship.

Some media reports had earlier reported that BluSmart had also secured nearly ₹100 crore in debt from multiple fintech platforms much of which remains unpaid.

Operations at BluSmart have ceased, with drivers migrating to rival platforms amid mounting financial pressure. In a related development the resolution professional for Gensol, BluSmart’s parent and fellow NCLT‑admitted company, leased out its fleet of 4,000 cars across Delhi NCR and Bengaluru to generate interim cash flow.

BluSmart’s admission to insolvency proceedings marks one of the highest‑profile distress cases in India’s nascent electric mobility sector. Observers note that the company’s rapid expansion, from fleet deployment to multiple city rollouts, outpaced its ability to generate sustainable revenue amid fierce competition and high operating costs.