Ola Electric Technologies Private Limited, a subsidiary of Ola Electric Mobility Limited, has settled a financial dispute with vehicle registration service provider Rosmerta Group. This agreement has led to the withdrawal of insolvency petitions previously filed against the company.

Rosmerta Group said that the Bengaluru-based firm paid 26.75 crore rupee (US$3.12 million) to cover the entire claim submitted to the National Company Law Tribunal (NCLT). Following this payment, Rosmerta filed a memorandum to withdraw the petitions from the NCLT’s Bengaluru bench.

The insolvency petition was filed nearly two weeks ago, claiming that Ola Electric Technologies defaulted on payments for services rendered by Rosmerta Group.

The petition aimed to initiate a corporate insolvency resolution process against the company.

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