25th March 2025
Rosmerta Technologies has withdrawn its insolvency petition before the National Company Law Tribunal (NCLT) after reaching an agreement with Ola Electric to pay the outstanding amount through a mutually acceptable settlement process.
In a regulatory announcement to the stock exchanges, Ola Electric confirmed that it had successfully resolved all outstanding financial obligations between its wholly owned subsidiary, Ola Electric Technologies Private Limited, and the Rosmerta Group. As a result, the Rosmerta Group has submitted a memo withdrawing the petitions it previously filed with the NCLT in Bengaluru. The issue has now been fully resolved, and Ola Electric remains committed to meeting its obligations and cultivating professional relationships with all stakeholders.
The Rosmerta Group received Rs 26.75 crores, settling their claim with the NCLT. The Rosmerta Group companies have withdrawn their petition before the NCLT in Bengaluru after receiving Rs 26,75,24,339, indicating a resolution of the dispute between the two parties.
Rosmerta Digital Services Ltd, which specializes in high-security number plates and vehicle registration, had previously taken legal action against Ola Electric for failing to pay around ₹18-20 crores. Ola Electric, one of India’s leading manufacturers of electric two-wheelers, announced the news in a stock exchange filing.
Ola Electric announced on February 19, 2024, that it was renegotiating contracts with its vehicle registration agencies, which may have a temporary impact on registrations through the government’s vehicle registration portal. However, the company clarified that it does not expect any negative impact on actual sales as a result of this process.
