NCLT Ahmedabad Admits Blu-Smart Charge Pvt. Ltd. to CIRP on ₹1,429.5 Crore Debenture Default
Court / Authority
NCLT & NCLAT
Update / Judgement Date
18 Jun 2026
Source
WCP News Bulletin
Author
Manas Yadav — WCP Legal Desk
Reading Time
1 min read
View Count
Background
The Financial Creditor approached the Tribunal alleging default in repayment of financial debt amounting to ₹1,429.51 crore, arising from the issuance of Senior, Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures aggregating ₹1,245 crore. The debentures were issued pursuant to board resolutions and governed by a Debenture Trust Deed dated 7 December 2023 (as amended on 16 January 2024), backed by multiple security structures including hypothecation of EV charging assets, charge over designated accounts and DSRA, corporate guarantees, and promoter undertakings.
Admissions by the Corporate Debtor
In its reply and additional affidavit, Blu-Smart Charge admitted:
● Availing the debenture financing,
● Failure to service coupon and repayment obligations,
● Occurrence of events of default, and
● Receipt of the default notice dated 18 April 2025.
It was also noted that the holding company, Blu-Smart Mobility Limited, is already undergoing CIRP and that the creditor’s claim has been admitted therein.
Findings
Holding that the existence of financial debt and default stood clearly established and admitted, the NCLT admitted the petition, declared a moratorium under Section 14, and appointed NPV Insolvency Professionals Private Limited as the Interim Resolution Professional. The CIRP was directed to commence with immediate effect.
Full Judgement / Attachment
Full Judgement
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