Overview

• The tribunal admitted BluSmart Mobility into insolvency on a plea by Catalyst Trusteeship over a Rs 1.28 crore default on non-convertible debentures.
• Promoters and management are legally bound to cooperate with Interim Resolution Professional NPV Insolvency Professionals Private Limited, which will take control of company assets and records within seven days.
• Catalyst Trusteeship must deposit Rs 10 lakh to cover initial insolvency process costs, with the amount adjustable against fees sanctioned by the Committee of Creditors.
• A moratorium under Section 14 of the Insolvency and Bankruptcy Code bars any new or ongoing legal proceedings and prohibits asset transfers until either a resolution plan is approved or liquidation is ordered.
• The insolvency follows an April SEBI order that found Gensol Engineering diverted over ₹262 crore in state-backed EV loans to luxury real estate and personal expenses.