NCLT Ahmedabad bench admits insolvency petitions against Blusmart Mobility

The Ahmedabad bench of the National Company Law Tribunal has admitted a petition seeking to initiate bankruptcy proceedings against ride hailing startup BluSmart Mobility.

BluSmart Mobility was founded by the Jaggi brothers, the promoters of Gensol Engineering, a listed solar engineering company. Gensol itself was admitted into insolvency proceedings by the same NCLT bench in June.

The court ordered initiation of corporate insolvency procedures on BluSmart Mobility from the date of pronouncement of the order. It has appointed a resolution professional…