Ola Electric Technologies Private Limited, a subsidiary of Ola Electric Mobility Limited, has resolved its financial disputes with the Rosmerta Group, resulting in the withdrawal of previous insolvency petitions, the company announced in a regulatory filing on Tuesday.
The Rosmerta Group had previously filed insolvency petitions against Ola Electric Technologies, claiming unpaid debts. Rosmerta Digital Services owed over ₹22 crore (approximately $2.5 million), while Rosmerta Safety Systems requested nearly ₹2.5 crore in payment.
Rosmerta petitioned the National Company Law Tribunal (NCLT) in Bengaluru to halt the insolvency proceedings after Ola Electric declared on Tuesday that all outstanding debts had been settled amicably. The business underlined its commitment to upholding solid business ties and promptly resolving any business-related concerns.
This decision comes as Ola Electric strives to optimise its operations. Ola Electric also stated that a discrepancy between company-provided sales data and government registration data in February was due to negotiations with its vehicle registration vendors.
The company stated that the backlog caused by the data mismatch had been cleared, but the government has requested information on the matter.
Ola Electric Mobility Limited's stock closed at ₹55.72 per share on March 24. Ola Electric's shares have recovered slightly from a record low since the company informed investors of the insolvency petition, but they remain down about 27% since listing last August.
