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  3. Blu-Smart Mobility Tech – NCLT Admits Insolvency Case

Blu-Smart Mobility Tech – NCLT Admits Insolvency Case

15 Mar 2026

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Key Takeaways

Key Takeaway:
The admission of the ₹5.84-crore insolvency plea places Blu-Smart Mobility Tech under CIRP and a moratorium, signalling serious financial stress for the EV ride-hailing company and transferring operational control to an interim resolution professional during the restructuring process.

Key Takeaway:
The admission of the ₹5.84-crore insolvency plea places Blu-Smart Mobility Tech under CIRP and a moratorium, signalling serious financial stress for the EV ride-hailing company and transferring operational control to an interim resolution professional during the restructuring process.

Blu-Smart Mobility Unlisted Shares

Blu-Smart Mobility

0.15%

Expert Analysis

Expert Analysis:

  • The National Company Law Tribunal (NCLT), Ahmedabad bench, has admitted an insolvency plea against Blu-Smart Mobility Tech Pvt Ltd over unpaid dues of ₹5.84 crore claimed by operational creditor Lepton Software Export and Research.

  • The tribunal initiated the Corporate Insolvency Resolution Process (CIRP) under Section 9(5) of the Insolvency and Bankruptcy Code and appointed Pawan Kumar Goyal as the Interim Resolution Professional (IRP), while also suspending the company’s board.

  • NCLT imposed a moratorium on the company’s operations and assets, directing the IRP to take control of Blu-Smart Mobility Tech’s records, assets, and business affairs during the insolvency process.

  • The insolvency petition arose from a service agreement under which Lepton Software provided Google Maps Platform services for Blu-Smart’s ride-hailing operations, with invoices for FY25 remaining unpaid.

  • Blu-Smart argued that some invoices were raised after the agreement expired; however, the tribunal noted the company had acknowledged partial liability for earlier dues and continued to use services, supporting the creditor’s claim.

Publisher:MSN