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Informist, Wednesday, Jul. 8, 2026

KOLKATA – Ola Electric Mobility Ltd. Wednesday said Anevolve Mando E-Mobility Pvt. Ltd. and Sterling E-Mobility Solutions Pvt. Ltd., operational creditors to the company, have moved the National Company Law Tribunal seeking repayment of their dues through the corporate insolvency resolution process. 

In a filing with bourses, Ola Electric said it raised warranty and performance-related concerns regarding certain parts supplied by Anevolve Mando E-Mobility and Sterling E-Mobility Solutions, which remained unresolved. Accordingly, Ola Electric initiated arbitration proceedings against these companies and filed petitions under Section 9 of the Arbitration and Conciliation Act, 1996, before the Commercial Court, Bengaluru, seeking interim relief pending constitution of the arbitral tribunals.

Following this matter, Anevolve Mando E-Mobility and Sterling E-Mobility Solutions filed petitions under Section 9 of the Insolvency and Bankruptcy Code, 2016, in relation to the same underlying transactions. Section 9 of the IBC allows operational creditors to seek clearance of their dues via the corporate insolvency resolution process. 

Although Ola Electric did not mention in the filing if the appeal from its two operational creditors has been admitted to the tribunal, it said the disputes raised by the vendors are subject to genuine pre-existing disputes, which are pending adjudication through arbitration. The company will contest the petition in the tribunal, it said. 

Two insolvency petitions have been filed in the Bengaluru bench of the NCLT 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.

Monday, two insolvency petitions were filed in the Bengaluru bench of the tribunal by Sterling E-Mobility Solutions and Anevolve Mando eMobility. While Sterling has said Ola Electric had failed to make payment of INR 298 million, Anevolve Mando has claimed dues of INR 108 million.

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. At 1138 IST, its shares traded 0.8% lower at INR 42.07 on the National Stock Exchange.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Avishek Rakshit

Edited by Himanshi Gupta

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