NCLT Ahmedabad Admits Insolvency Proceedings Against BluSmart Over INR 1.28 Cr Default

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SUMMARY

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

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NCLT Ahmedabad Admits Insolvency Proceedings Against BluSmart Over INR 1.28 Cr Default


SUMMARY

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

The…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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