More Stories

Informist, Wednesday, Dec. 3, 2025

 

NEW DELHI – The Ahmedabad bench of the National Company Law Tribunal Wednesday admitted Reliance BP Mobility Ltd.'s plea to start insolvency proceedings against Blu-Smart Fleet Pvt. Ltd. for unpaid dues of INR 162.55 million. The tribunal appointed Pawan Kumar Goyal as the interim resolution professional of Blu-Smart Fleet, promoted by Anmol Singh Jaggi and Puneet Singh Jaggi, to carry out the functions as per the Insolvency and Bankruptcy Code, 2016. The admission of insolvency against Blu-Smart Fleet comes after Gensol Engineering Ltd., a company also promoted by the Jaggi duo, was admitted into bankruptcy in June.

 

In March 2024, Blu-Smart Fleet had approached Reliance BP Mobility with a proposal to use the latter's electric vehicle charging stations for charging the discharged batteries of its fleet of electric vehicles. Thereafter, an electric vehicle charging service agreement was signed in which Reliance BP Mobility granted Blu-Smart Fleet access to electric vehicle charging stations, which were exclusively built for the latter's use. In the agreement, Blu-Smart Fleet was liable for giving Reliance BP Mobility a minimum guaranteed utilisation amount at 35% of total installed direct current charger capacity and charges for actual electricity usage.

 

However, Blu-Smart Fleet failed to pay the minimum guaranteed utilisation amount from April to August at the agreed rate of 35% of installed capacity, said Reliance BP Mobility. Further, Reliance BP Mobility claimed dues for fire breakage damage caused by Blu-Smart Fleet's poorly serviced electric vehicles catching fire and dues for spares replacement due to misuse of electric vehicle charging infrastructure. After Blu-Smart Fleet failed to clear its dues, Reliance BP Mobility moved the tribunal to start insolvency proceedings against the corporate debtor.

 

In April, the Securities and Exchange Board of India said it was probing Gensol Engineering and its promoters for diverting loans taken from Power Finance Corp. Ltd. and Indian Renewable Energy Development Agency Ltd. The regulator also issued an interim order, which was later confirmed in July, against Gensol Engineering and its promoter directors Anmol Singh Jaggi and Puneet Singh Jaggi, barring them from any securities market-related activity and from holding the post of director or any key managerial position in the company. Earlier, the bankruptcy tribunals had admitted Blu-Smart Mobility Tech Pvt. Ltd. and Blu-Smart Mobility Ltd. into insolvency.  End

 

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.