Bankruptcy appeals submitted against Blusmart Mobility have been accepted by the National Company Law Tribunal, Ahmedabad.
In a significant development for the Indian business landscape, BluSmart Mobility, a leading player in the electric vehicle sector, has been admitted into insolvency proceedings by the National Company Law Tribunal (NCLT) Ahmedabad. The move comes following a default on loan payments amounting to approximately Rs 1.3 crore.
The insolvency plea was filed by Catalyst Trusteeship, and the tribunal's final order admitting the case was issued around July 28-30, 2025. The defaulted instalments, amounting to Rs 64.17 lakh for March 2025 and Rs 63.31 lakh for April 2025, triggered the insolvency proceedings.
Ritesh Adatiya, Managing Director of NPV, has estimated that the number of claims against BluSmart is likely to increase significantly. To manage the insolvency process, Mr. Adatiya has a 40-member team working diligently.
Interestingly, the insolvency proceedings for BluSmart coincide with financial difficulties faced by its key shareholder, Gensol Engineering, and its subsidiary, both of which are also in the process of insolvency resolution. The Jaggi brothers, co-founders of BluSmart, are also promoters of Gensol Engineering and Gensol EV Lease.
In an email dated April 10, 2025, Anmol Singh Jaggi, one of the founders, admitted liability and promised payment, which, unfortunately, was not fulfilled.
The insolvency proceedings records indicate a resolution plan approval on July 25, 2025, suggesting that a resolution strategy may be in advanced stages or approved soon. NPV will issue a public announcement within 3 days to invite claims from creditors regarding BluSmart.
BluSmart, co-founded by Anmol Singh Jaggi, Punit K. Goyal, and Puneet Singh Jaggi, will be updated as "under CIRP" on the Ministry of Corporate Affairs portal. Currently, about 46% of BluSmart's shares are owned by the Jaggi brothers, while the rest are owned by institutional investors.
Meanwhile, the Adani Power board will deliberate on a stock split proposal on August 1. Shares of Adani Power are up 3.37%.
This article provides a snapshot of the ongoing insolvency proceedings against BluSmart Mobility and the broader financial distress involving its major shareholders. Further operational or financial restructuring is expected as per standard insolvency resolution frameworks. However, detailed public information on the specific plan's terms is not disclosed in the available sources.
- The insolvency proceedings for BluSmart Mobility, a leading player in the electric vehicle sector, coincide with financial difficulties faced by its key shareholder, Gensol Engineering, and its subsidiary, both of which are also in the insolvency resolution process.
- The ongoing insolvency proceedings against BluSmart Mobility indicate a resolution plan approval on July 25, 2025, suggesting that a resolution strategy may be in advanced stages or approved soon.
- Ritesh Adatiya, Managing Director of NPV, who is managing the insolvency process for BluSmart Mobility, has a 40-member team working diligently.
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