Ola Electric is facing a third insolvency petition, with the National Company Law Tribunal (NCLT) Bengaluru bench issuing a notice against the company following a plea filed by vendor Seoyon E-Hwa Summit Mobility Krishnagiri Pvt. Ltd. The vendor has sued Ola Electric over an alleged payment default totaling ₹9.57 crore, according to inc42.com.
The insolvency petition was filed after Seoyon E-Hwa submitted that it had supplied automobile parts to Ola Electric and that the EV maker owed ₹21.19 crore when a demand notice was issued on April 2. Ola Electric disputed the liability, citing warranty and spare parts supply issues. The company later paid ₹10.62 crore, leaving an outstanding amount of ₹9.57 crore. The NCLT bench, comprising judicial member Sunil Kumar Aggarwal and technical member Banwari Lal Meena, ordered notice of the petition to be sent to Ola Electric, subject to verification of board resolution and signatory documents, inc42.com reported.
This marks the third insolvency petition against Ola Electric, following previous cases initiated by Sterling E-Mobility Solutions and Anevolve Mando eMobility. The petitions highlight ongoing financial stress and payment disputes between the EV maker and its suppliers. Insolvency proceedings against listed original equipment manufacturers like Ola Electric underscore challenges in the Indian electric vehicle supply chain and vendor relationships, according to inc42.com.
The NCLT Bengaluru bench's notice on the latest petition was issued this week, with further hearings pending. The case centers on the remaining ₹9.57 crore payment dispute between Seoyon E-Hwa Summit Mobility Krishnagiri Pvt. Ltd. and Ola Electric, as detailed in the NCLT proceedings and reported by inc42.com.