NCLT Ahmedabad Rejects Toyota Financial's ₹23.20 Crore Claim Against Blu-Smart Over 150 Undelivered Vehicles

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has recently dismissed Toyota Financial Services India Limited's challenge to the rejection of ₹23.20 crore of its claim against the resolution professional (RP) of Blu-Smart Fleet Private Limited over 150 undelivered vehicles.

Judicial Member Shammi Khan and Technical Member Sanjeev Sharma upheld the RP's decision to admit ₹8.59 crore as unsecured financial debt while rejecting the disputed portion.

The bench observed, “The Resolution Professional is required to verify and collate claims under Regulations 12 and 13 of the CIRP Regulations, 2016. Such verification does not require admission of an amount where the underlying liability remains disputed and requires determination of contractual rights beyond the material establishing an admitted debt.”

Blu-Smart Fleet was admitted into the Corporate Insolvency Resolution Process (CIRP) on December 3, 2025. Toyota Financial filed a claim of ₹31.88 crore, including ₹23.20 crore towards advance payment, commitment cost and damages relating to the 150 undelivered vehicles.

Accoriding to Toyota, it had agreed to a lease arrangement for 200 vehicles under a November 2024 agreement and addendum. It paid ₹23.02 crore directly to Go Auto Private Limited, but only 50 vehicles were delivered. After terminating the purchase order in March 2025, it sought a refund and other contractual dues.

It argued that the payment was part of a broader arrangement with Blu-Smart Fleet. The RP countered that Blu-Smart had neither received the money nor incurred an established liability. The tribunal found that liability depended on interpreting the contractual terms, which remained disputed.

The bench observed that the documents disclosed a dispute over the existence and extent of Blu-Smart Fleet's liability. It ruled that the RP was not required to admit a claim where the underlying liability remained disputed and required determination of contractual rights beyond the material establishing an admitted debt.

The arbitral awards did not determine the disputed ₹23.20 crore claim, the tribunal noted. No adjudication establishing Blu-Smart Fleet's liability for that amount had been placed on record.

Finding no ground to interfere with the RP's decision, the bench dismissed the application. It clarified that Toyota Financial remained free to pursue any remedy available in law to have its contractual claim adjudicated.