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Nona Lifestyle entered into a business relationship with Zomato to supply uniforms for its employees and delivery partners, including merchandise for the ICC World Cup 2023. The company had planned a campaign during the World Cup.
As per the petition, Zomato placed multiple orders for various apparel items, including rider t-shirts, trousers and World Cup jerseys, throughout 2023. Nona Lifestyle claims to have fulfilled its obligations by manufacturing and, in part, delivering the ordered goods.
However, the company alleged that Zomato has consistently delayed payments and failed to take delivery of substantial portions of the ordered products.
According to Nona, Zomato repeatedly delayed payments, returned deliveries citing lack of…
The fall came after the company disclosed that an insolvency petition had been filed against its subsidiary, Ola Electric Technologies.
WHY DID OLA ELECTRIC SHARES FALL?
The National Company Law Tribunal (NCLT) in Bengaluru received a petition from M/s Rosmerta Digital Services, an operational creditor, accusing Ola Electric of defaulting on payments for services. The creditor has asked the tribunal to start a Corporate Insolvency Resolution Process (CIRP) against Ola Electric…
The fall came after the company disclosed that an insolvency petition had been filed against its subsidiary, Ola Electric Technologies.
WHY DID OLA ELECTRIC SHARES FALL?
The National Company Law Tribunal (NCLT) in Bengaluru received a petition from M/s Rosmerta Digital Services, an operational creditor, accusing Ola Electric of defaulting on payments for services. The creditor has asked the tribunal to start a Corporate Insolvency Resolution Process (CIRP) against Ola Electric…
Ola Electric Mobility Ltd. shares plummeted almost 8 per cent on Monday, touching a new all-time low of Rs 46.51 each. The fall followed after an insolvency petition was filed by Rosmerta Digital Services Pvt. Ltd., an Ola Electric vendor, against the EV maker’s subsidiary for non-payment of dues.
The petition, filed before the National Company Law Tribunal (NCLT) in Bengaluru, accuses Ola Electric Technologies Pvt. Ltd. of defaulting on payments against services rendered for vehicle registrations. The subsidiary takes care of scooter manufacturing at Ola’s Futurefactory in Tamil Nadu.
Responding to the allegation, Ola Electric said it “strongly disputes the claims” and is taking legal advice to settle the issue.
Canadian department store chain Hudson’s Bay Company has revealed plans to initiate a full liquidation of its business as it failed to obtain the necessary funding to proceed with a restructuring plan.
The company, with a workforce of 9,364, has stated in the filings submitted to the Ontario Superior Court of Justice that it has only obtained limited debtor-in-possession financing – insufficient to avoid liquidating the entire business. This is despite attempts to secure adequate funds to facilitate a restructuring transaction under the Companies’ Creditors Arrangement Act (CCAA).
The company is set to commence store-by-store liquidation as early as the week beginning 17 March 2025 unless an alternative solution is found.
Representative image
| Photo Credit: Reuters
Ola Electric Mobility Ltd on Saturday (March 15, 2025) said its vehicle registration service provider Rosmerta Digital Services Ltd has sought the initiation of insolvency proceedings against its wholly owned arm Ola Electric Technologies Pvt Ltd.
In a regulatory filing, the company said, “A petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Rosmerta Digital Services Ltd, an operational creditor of Ola Electric Technologies Pvt Ltd.”
The petition has been submitted before the National Company Law Tribunal’s Bengaluru Bench, alleging default in…
