Amidst ride-hailing company BluSmart Electric Mobility’s ongoing insolvency proceedings, claims worth over Rs 500 crore have been reportedly filed by over 200 applicants. The company, which was accused of corporate governance lapses and loan diversions, had insolvency proceedings initiated against it on July 29, following a plea by financial creditor, Catalyst Trusteeship, was admitted by the National Company Law Tribunal (NCLT) Ahmedabad under the Insolvency and Bankruptcy Code (IBC).
Key Creditors Stake Major Claims
According to Ritesh Kumar Adatiya of NPV Insolvency Professionals Private Limited, the appointed interim resolution professional (IRP), the estimated ticket size of the claims ranges from institutional creditors to smaller vendors and service providers.
A report shared that Catalyst Trusteeship has staked claims worth an estimated Rs 250 crore, the Indian Renewable Energy Development Agency (IREDA) has laid claims estimated at Rs 130 crore and creditor Tata Capital has apparently claimed Rs 5 crore as well. BluSmart Co-founder Punit Goyal and other ex-C-suite employees have also reportedly filed claims worth over Rs 1 crore, citing ‘employee dues’, according to industry sources.
While the nature of these claimed assets is not verified yet, Adatiya disclosed that they largely comprise “financial and operational debt, including financing arrangements, supplier dues, and contractual exposures. The referenced assets range from secured obligations under guarantee to trade-related liabilities,” he said.
Insolvency Process Underway
Currently, the insolvency process is being carried out under the IBC, 2016 and the corporate insolvency resolution process (CIRP). “We are collating, verifying and admitting claims while managing the assets, with regular updates being provided to the committee of creditors (CoC),” Adatiya added. He said that the window for submissions remains “technically open” and late claims may surface in the coming weeks due to delayed awareness or pending documentation, which may still be admitted with the NCLT’s approval.
It may be mentioned that moratorium under Section 14 of the IBC is presently enforced, prohibiting the initiation or continuation of any legal proceedings against BluSmart, or the transfer or sale of any company assets.