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Informist, Monday, Jul. 6, 2026

 

NEW DELHI – Two insolvency petitions have been filed in the Bengaluru bench of the National Company Law Tribunal against Ola Electric Mobility Ltd.'s arm Ola Electric Technologies Pvt. Ltd. with alleged dues of INR 406 million. In both the pleas, the tribunal has sought replies from Ola Electric Technologies.

 

The insolvency petitions have been filed by Sterling E-Mobility Solutions Ltd. and Anevolve Mando eMobility Pvt. Ltd. While Sterling has said Ola Electric Technologies had failed to make payment of INR 298 million, Anevolve Mando has claimed dues of INR 108 million. Both the petitions have been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016.

 

Section 9 allows an operational creditor to file an application before the tribunal to initiate the corporate insolvency resolution process against a corporate debtor if the latter fails to pay an operational debt exceeding INR 10 million. This section aims to protect the interests of operational creditors by enabling such individuals access to a time-bound resolution process.   

 

Sterling E-Mobility Solutions Ltd., a Sterling Group company, is a powertrain and power electronics solution provider to the electric vehicles industry. Anevolve Mando, a joint venture between India's ANAND Group and South Korea's Mando Corp., designs and manufactures localised traction motors and controllers for the two- and three-wheeler electric vehicle market, aiming to reduce reliance on imported components.

 

For the March quarter, Ola Electric Mobility Ltd. had reported a consolidated net loss of INR 5 billion on revenue of INR 2.65 billion. Monday, shares of Ola Electric Mobility closed 4.7% lower at INR 42.39 on the National Stock Exchange.  End

 

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

 

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