Ola Electric Settle Dispute as Rosmerta Withdraws Insolvency Petitions from NCLT

Ola Electric has settled financial disputes with Rosmerta Safety Systems Ltd and Rosmerta Digital Services Ltd, leading to the withdrawal of insolvency petitions filed against it at the NCLT in Bengaluru under Section 9 of IBC.

The petitions were over unpaid dues of approx ₹24.5 crore, with Rosmerta Digital Services seeking ₹22 crore and Rosmerta Safety Systems ₹2.5 crore. 

Ola Electric stated that the issue arose due to contract renegotiations with vehicle registration vendors, causing delays and errors in sales data on the Vahan portal.

The company has cleared 40% of the backlog and expects full resolution by March 2025.