Blu-Smart Mobility Unlisted Shares
Blusmart-Gensol Debacle: Fresh Insolvency Petitions Filed Before NCLT
NDTV Profit
2 min read
NCLT Issues Fresh Insolvency Notices to Gensol and BluSmart.
Expert Analysis :
Legal Action Initiated: Blu-Smart Mobility Ltd. is facing two insolvency petitions filed by Spectrum Trimpex Pvt. and Catalyst Trusteeship Ltd. over alleged defaults in payment obligations.
Tribunal Involvement: The National Company Law Tribunal has issued a notice to Blu-Smart based on Spectrum’s application, with the claimed default amount exceeding Rs 1 crore.
Gensol Engineering Notice: NCLT issued a notice to Gensol on Equentia Financial Services’ insolvency petition, citing an alleged default of approximately Rs 9 crore, with seven days to respond.
SEBI Findings on Gensol: Gensol raised Rs 975 crore loans for 6,400 EVs but bought only 4,704 for Rs 567.73 crore; over Rs 200 crore unaccounted.
Debt Downgrade: ICRA and Care Ratings downgraded Rs 2,050 crore of Gensol’s debt to default, including Rs 1,640 crore long-term and Rs 400 crore short-term.
Fabricated Documents: Gensol submitted fake debt servicing letters from IREDA and Power Finance Corp; rating agencies confirmed no such letters were issued.
Regulatory Actions: Gensol asked to halt announced stock split; SEBI ordered a forensic audit of its and related parties’ accounts.
Insolvency proceedings signal rising financial risks for Blu-Smart, potentially impacting investor trust, funding access, and business continuity.
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