New Delhi, Mar 25 (PTI) Ola Electric Mobility Ltd on Tuesday said its arm Ola Electric Technologies Pvt Ltd has amicably settled all dues with its former vehicle registration service provider Rosmerta Group.

Ola Electric Technologies Pvt Ltd has amicably settled all dues with Rosmerta Group. Subsequently, Rosmerta Group has filed a memo for the withdrawal of the said petitions from the NCLT, Bengaluru, the company said in a regulatory filing.

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"There are no further claims or disputes pending between the parties in this matter," it said.

The company remains committed to maintaining strong business relationships and ensuring timely resolution of any commercial issues, Ola Electric Mobility said.

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Earlier this month, Rosmerta Digital Services Ltd had sought to initiate insolvency proceedings against Ola Electric Technologies Pvt Ltd and a petition was submitted before the National Company Law Tribunal (NCLT), Bengaluru Bench alleging default in payment towards the services rendered by the latter.

Last week, Ola Electric had stated that it discontinued contracts with two nationwide vendors managing its registration process as part of a strategy to streamline operations and drive profitability.

In February, the company had announced that it was renegotiating the terms of the agreement with its two agencies to cut costs and enhance registration process efficiencies as a result of which its registrations were temporarily impacted.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)