Electric two-wheeler manufacturer Ola Electric on Tuesday announced that it had settled all the outstanding dues between its fulfilled subsidiary and creditor Romarta Group. In a stock exchange filing, the company confirmed that Rosporta withdrew the first filed insolvency petition against Ola Electric Technologies.
On March 15, Rosmerta submitted a petition before the Bengaluru Peeth of the National Company Law Tribunal (NCLT) citing the payment lapse on 15 March. Demanded to introduce unpaid dues related claims for services provided and a corporate insuctancy resolution process (CIRP) against OLA Electric Technologies.
Ola Electric said in its filing, “There are no other claims or controversies pending between the parties in this case. The company is committed to maintain strong business relations and ensure timely solutions to any commercial issues.”
A seller, a seller managing vehicle registration for Ola Electric on the government -operated vigor portal, was one of the firms affected by the Rosmerta Company’s contract renaissance. Ola Electric said that these renaissors, including Rosporta and Shimet India, caused a decline in registration on the gift in February.
That month, only 8,652 OLA electric vehicles were registered on the vehicle, while the company reported a sale of 25,000 in the regulatory filing, which led to the discrepancies, which interrogated the Ministry of Heavy Industries and the Ministry of Road Transport and Highways.
Ola Electric attributed the seller negotiations to the “temporary backlog” responsible for the “temporary backlog”, saying that registration was being approved, the daily figures had now exceeded 50% of their average daily sales in the last three months.
Ola Electric revealed that it received trade certificate notices in four states. Meanwhile, the competition has intensified with rivals such as Bajaj Auto, TVS Motor and Ether Energy, preparing an IPO.
Earlier this month, the company estimated that the automotive division would become ebitda positive in the April-June quarter, saving the cost cut measures to save Rs 90 crore per month. However, in the October-December quarter, the net loss of Ola Electric widened 50% year-on-year, while operating revenue declined by 19%. Since the introduction of its market in August 2024, the company’s stock has fallen by about 65% from its peak.
