Ola Electric Mobility Ltd on Saturday (March 15, 2025) stated its automobile registration service supplier Rosmerta Digital Services Ltd has sought the initiation of insolvency proceedings against its wholly owned arm Ola Electric Technologies Pvt Ltd.
In a regulatory submitting, the corporate stated, “A petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Rosmerta Digital Services Ltd, an operational creditor of Ola Electric Technologies Pvt Ltd.”
The petition has been submitted earlier than the National Company Law Tribunal’s Bengaluru Bench, alleging default in cost in the direction of the companies rendered by the operational creditor and looking for initiation of the company insolvency decision course of (CIRP) against Ola Electric Technologies Pvt Ltd, it added.
The firm has sought acceptable authorized recommendation and it strongly disputes the claims made, Ola Electric Mobility stated, including it will “take all necessary and appropriate steps to protect its interests and object to the allegations in the aforesaid matter”.
Last month, the corporate said that it was renegotiating the phrases of the settlement with its businesses — Rosmerta Digital Services Pvt Ltd and Shimnit India Pvt Ltd — to scale back prices and improve registration course of efficiencies.
Last Wednesday (March 12, 2025), the corporate stated its automobile registration course of transformation is in its closing levels and its day by day registrations have improved considerably, rising to over 800 per day and crossing the typical day by day gross sales for January 2025 and February 2025.
The insolvency proceedings come at a time when Ola Electric Mobility is reducing round 1,000 jobs throughout completely different capabilities as half of a restructuring train to scale back losses.
Published – March 16, 2025 11:32 am IST
