Ola Electric has rejected the insolvency petitions filed against its manufacturing arm, Ola Electric Technologies Pvt. Ltd., calling them a retaliatory legal tactic.
The company dismissed the insolvency claims as a retaliatory legal tactic, asserting that the disputed amount of ₹40.6 crore is already the subject of pre-existing arbitration proceedings with Anevolve Mando E-Mobility and Sterling E-Mobility Solutions over alleged performance- and warranty-related issues with supplied components.
According to Ola Electric, the vendors filed the insolvency petitions under Section 9 of the Insolvency and Bankruptcy Code (IBC) only after the arbitration proceedings had commenced, in an attempt to bypass the quality dispute.
The company said it…