Ola Electric Settles Rosmerta Dues, Insolvency Petitions Withdrawn

Ola Electric Mobility Ltd. has settled all dues with Rosmerta Group, which has now withdrawn the insolvency petitions against the EV maker.

Ola Electric has amicably settled all outstanding dues between its wholly owned subsidiary, Ola Electric Technologies Pvt. Ltd., and the Rosmerta Group, according to an exchange filing.

The Rosmerta Group has filed the memo for withdrawal of the petitions filed before the National Company Law Tribunal, Bengaluru.

"With the receipt of INR 26,75,24,339/-, which consists of the entire claim raised before the NCLT, Rosmerta Group companies are withdrawing its petitions before the NCLT, Bengaluru," according to a media statement.

No further cause of action exists between Rosmerta Group and Ola Electric.