<ul><li>Gensol Engineering, promoted by BluSmart founders, defaulted on around Rs 4 crore payment to pass-through certificates holders this month.</li><li>Funds raised by issuing PTCs were backed by vehicles on BluSmart platform; repayments were tied to revenue from these vehicles.</li><li>Due to BluSmart cab service cessation and uncertainty in deal talks, loan repayment has become uncertain, with Rs 4.04 crore outstanding.</li><li>Investors attracted by high returns and brand value of BluSmart now face potential defaults, with over Rs 80 crore of NCDs due for repayment.</li></ul>

Gensol defaults on BluSmart-linked bond repayment for May

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