Ola Electrical Mobility Ltd on Saturday mentioned its car registration service supplier Rosmerta Digital Companies Ltd has sought the initiation of insolvency proceedings against its wholly owned arm Ola Electrical Applied sciences Pvt Ltd.
In a regulatory submitting, the corporate mentioned, “A petition has been filed underneath Part 9 of the Insolvency and Chapter Code, 2016 (IBC) by M/s. Rosmerta Digital Companies Ltd, an operational creditor of Ola Electrical Applied sciences Pvt Ltd.” The petition has been submitted earlier than the Nationwide Firm Regulation Tribunal’s Bengaluru Bench, alleging default in cost in direction of the providers rendered by the operational creditor and in search of initiation of the company insolvency decision course of (CIRP) against Ola Electrical Applied sciences Pvt Ltd, it added.
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The corporate has sought applicable authorized recommendation and it strongly disputes the claims made, Ola Electrical Mobility mentioned, including it will “take all needed and applicable steps to guard its pursuits and object to the allegations within the aforesaid matter.”
Final month, the corporate acknowledged that it was renegotiating the phrases of the settlement with its companies — Rosmerta Digital Companies Pvt Ltd and Shimnit India Pvt Ltd — to cut back prices and improve registration course of efficiencies.
Final Wednesday, the corporate mentioned its car registration course of transformation is in its last phases and its day by day registrations have improved considerably, growing to over 800 per day and crossing the typical day by day gross sales for January and February 2025.
- Additionally learn: Ola Electrical initiates one other spherical of layoffs amid mounting losses
The insolvency proceedings come at a time when Ola Electrical Mobility is slicing round 1,000 jobs throughout completely different capabilities as half of a restructuring train to cut back losses.
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