Ola Electric settles dues with vehicle registration agency Rosmerta Group

Ola Electric Technologies Private Limited, a subsidiary of EV maker Ola Electric Mobility , has settled its financial dispute with the vehicle registration agency Rosmerta Group, leading to the withdrawal of insolvency petitions filed against it.

The company confirmed the resolution in a regulatory filing on Tuesday, stating that all outstanding payments have been cleared.

"We wish to inform you that Ola Electric Technologies Private Limited has amicably settled all applicable dues with the Rosmerta Group...There are no further claims or disputes pending between the parties in this matter," the company said in an exchange filing. 

Settlement and NCLT petition withdrawal

The Rosmerta Group, comprising Rosmerta Digital Services and Rosmerta Safety Systems, had filed insolvency petitions against Ola Electric Technologies at the National Company Law Tribunal (NCLT) Bengaluru, citing unpaid dues.

Rosmerta Digital Services had reportedly claimed Rs 22 crore ($2.5 million) in outstanding payments, while Rosmerta Safety Systems sought Rs 2.5 crore in dues.

Following the settlement, Rosmerta formally requested the NCLT to withdraw the petitions, confirming that there are no further disputes between the two parties.

"Pursuant to the settlement, the Rosmerta Group has filed the memo for withdrawal of the said petitions from NCLT, Bengaluru," the Bhavish Aggarwal-led company noted. 

"With the receipt of Rs 26,75,24,339/- which consists of the entire claim raised before NCLT, Rosmerta Group companies are withdrawing its petitions before the NCLT, Bengaluru," said a Rosmerta Digital spokesperson.

"No further causes of action exist between Rosmerta Group and Ola Electric, whose relationship shall now be governed by the Settlement Agreement executed between them."

Notably, the two companies have now formalized their future business relationship through a Settlement Agreement, ensuring smooth collaboration moving forward.

"The Company remains committed to maintaining strong business relationships and ensuring timely resolution of any commercial issues," Ola Electric added.