# In the matter of Blu-Smart Mobility Limited

> NCLT judgment dated 2025-07-28. Citation: TCN-2025-NCLT-01130. Catalyst Trusteeship Limited filed a petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 28 Jul 2025
- **Citation:** TCN-2025-NCLT-01130
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/blu-smart-mobility-limited-aac85ec2

## Summary

### Background

Catalyst Trusteeship Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Blu-Smart Mobility Limited for initiation of Corporate Insolvency Resolution Process (CIRP) due to a default on financial debt.

## Facts

Catalyst Trusteeship Limited, acting as the Debenture Trustee for InCred Credit Opportunities Fund - I, filed a petition under Section 7 of the IBC against Blu-Smart Mobility Limited.

The petition was filed on 13.05.2025, claiming a default on financial debt amounting to Rs. 1,28,02,195/-.

Blu-Smart Mobility Limited issued 15 secured, redeemable, unrated, and unlisted Non-Convertible Debentures (NCDs) on 20.04.2023, aggregating to Rs. 15,00,00,000.

The Corporate Debtor defaulted on payments due on 31.03.2025 and 30.04.2025.

The Financial Creditor issued multiple notices of default to the Corporate Debtor.

The Corporate Debtor admitted liability via email on 10.04.2025, promising payment, which was not made.

…

## Issues and analysis

### Issue 1: Whether the Financial Creditor has established the existence of a financial debt and default by the …

**Ratio:** Section 5(8) of the IBC defines financial

…

**Reasoning:** The Tribunal found that the issuance of NCDs constituted a financial debt, and the

…

**Interpretation:** The Tribunal interpreted the provisions of the IBC to require the establishment

…

**Application:** The Tribunal applied the provisions of the IBC to the facts of the case and

…

## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Catalyst Trusteesh…
- **Respondents:** Blu-Smart…
- **Other parties:** NPV Insolvency…
- **Advocates:** Anmol A.…; Himanshu…

## Timeline

- **2023-04-20 — Issuance o…**: Blu-Smart Mobility Limited issued 15 secured, redeemable, unrated, and unlisted…
- **2025-02-28 — Default…**: Rs. 64,77,260 due on 28.02.2025, paid belatedly on 18.03.2025 after a notice on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-ahmedabad/blu-smart-mobility-limited-aac85ec2