The National Company Law Tribunal (NCLT) at Ahmedabad has granted an additional 90 days to complete the insolvency process of Blu-Smart Mobility Limited, extending the deadline beyond January 24, 2026.
The insolvency proceedings against the company had begun on July 28, 2025, after the tribunal admitted a petition filed by Catalyst Trusteeship Limited under Section 7 of the Insolvency and Bankruptcy Code.
The case was filed on behalf of financial creditors. The original 180-day period was set to end on January 24, 2026. With the extension, the process will now continue until April 23, 2026
The extension was granted on an application filed by the resolution professional. The Committee of Creditors had approved the request with the required voting majority.
A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma noted that expressions of interest and resolution plans are still under consideration. It held that sufficient cause had been shown to allow more time to complete the process.
The insolvency case arises from an alleged default of Rs 1.28 crore in repayment obligations linked to secured, redeemable non-convertible debentures worth Rs 15 crore issued by Blu-Smart Mobility.
In its earlier admission order, the tribunal had recorded the existence of financial debt and default, declared a moratorium, and appointed an interim resolution professional to take over the company's management.
Blu-Smart Mobility is part of the Gensol group, which is also undergoing insolvency proceedings. Several other Gensol-linked entities, including its co-founder Puneet Singh Jaggi also going insolvency.
For Applicant: Advocate Vishwas Shah