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Ola Electric subsidiary resolves insolvency dispute with Rosmerta Group

EntrackrEntrackr · 3m ago
Ola Electric subsidiary resolves insolvency dispute with Rosmerta Group
Medial

Ola Electric subsidiary resolves insolvency dispute with Rosmerta Group The dispute began when the Rosmerta Group filed insolvency petitions on March 16 under Section 9 of the Insolvency and Bankruptcy Code. Ola Electric Mobility Limited has settled a legal issue involving its subsidiary, Ola Electric Technologies Private Limited, and its vehicle registration service provider, Rosmerta Digital Services Ltd. In a recent update to the National Stock Exchange (NSE) and BSE, Ola Electric said that all outstanding payments have been cleared. As part of the agreement, Rosmerta has asked the National Company Law Tribunal (NCLT) in Bengaluru to withdraw the case. Ola Electric also stated that there are no further disagreements between the two parties and reaffirmed its commitment to strong business partnerships and the timely resolution of any future issues. "With the receipt of INR 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." The dispute began when the Rosmerta Group filed insolvency petitions on March 16 under Section 9 of the Insolvency and Bankruptcy Code. The petition was filed with the NCLT Bengaluru Bench, claiming that Ola Electric Technologies Pvt Ltd had not paid for services provided by the creditor. It requested the court to start insolvency proceedings against the company. Last month, Ola Electric said it sold over 25,000 electric two-wheelers in February 2025, maintaining its 28% market share in the segment. However, the sales numbers on Vahan — a government database managed by the Ministry of Road Transport and Highways — did not match the company’s claim. Ola Electric clarified that the mismatch was due to ongoing negotiations with its vehicle registration vendors. The company said the backlog caused by the data mismatch has been cleared, but the government has requested more information on the matter.

Creditors may take over Byju’s as NCLT admits insolvency resolution

EntrackrEntrackr · 1y ago
Creditors may take over Byju’s as NCLT admits insolvency resolution
Medial

Byju’s, once the highest valued Indian startup, is set to face insolvency resolution process at the National Company Law Tribunal (NCLT) following a plea filed by the Indian cricket board. The Board of Control of Cricket in India (BCCI) had filed under section 9 of the Insolvency and Bankruptcy Code (IBC) 2016 which permits creditors to take control of the company from the current management. NCLT order in November 2023 said that Byju’s had defaulted on a payment of Rs 158 crore. NCLT has appointed Pankaj Srivastava as the interim resolution professional and he will run Byju’s till the lenders form a committee known as the Committee of Creditors. “The Interim Resolution Professional shall after collation of all the claims received against Think and Learn Pvt Ltd the Corporate Debtor and the determination of the financial position of the Corporate Debtor constitutes a Committee of Creditors,” the arbitrator order said. The NCLT order asserts that there is no ground to deny Corporate Insolvency Resolution Process (CIRP) by BCCI against Byju’s as defaults have been established by the Bengaluru-based edtech firm. Byju’s has been going through turmoil for the past couple of years. The firm already faced a funding crisis and saw an exodus at the top as well as board level in the past 12 months. In October 2023, the company’s chief financial officer Ajay Goel left whereas Arjun Mohoan, its chief executive for India, put in his papers in April this year. Rajnish Kumar and T V Mohandas Pai also left the company as advisors in July this year. Last month, investment firm Prosus, which has invested around $500 million in Byju’s over the years, wrote off the value of its 9.6% stake in the company. This came soon after Byju’s raised a $200 million rights issue at a valuation of $225 million. This is a 99% discount to its peak valuation of $22 billion. Not only Byju’s, its founder Raveendran’s net worth also went down to zero, according to Forbes Billionaire Index 2024.

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