Ola Electric Mobility, in a stock exchange filing on Saturday said that Rosmerta Digital Services has filed an insolvency petition against its wholly owned subsidiary Ola Electric Technologies before the National Company Law Tribunal.
The Bhavish Aggarwal-led firm added in the exchange filing that the petition submitted before NCLT’s Bengaluru Bench, alleged to default in payment towards the services rendered by the Operational Creditor and sought initiation of corporate insolvency resolution process (CIRP) against the Ola Electric Technologies Private Limited.
“We wish to inform you that a petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) by M/s. Rosmerta Digital Services Limited, an Operational Creditor of Ola Electric Technologies Private Limited, a wholly owned subsidiary of Ola Electric Mobility Limited…,” the company said in an exchange filing.
Additionally, Ola Electric has stated that it has sought appropriate legal advice and it strongly disputes the claims, adding that “the company will take all necessary and appropriate steps to protect its interests and object to the allegations in the aforesaid matter.”
This development has taken place as the company was renegotiating its contracts with the two vehicle registration agencies – Rosmerta Digital Services and Shimnit India Pvt Ltd.
Ola Electric was revising its existing agreements with these agencies as part of a sales overhaul.
This petition will “temporarily affect” registration numbers on the VAHAN portal in February.
