Ola Electric faces insolvency petitions from 2 suppliers at NCLT
Business
Ola Electric is dealing with legal trouble from two of its suppliers, Anevolve Mando E-Mobility and Sterling E-Mobility Solutions, who say they haven't been paid.
The issue started when Ola flagged problems with the parts it received, but things didn't get sorted out.
Now both vendors have taken their complaints to the National Company Law Tribunal.
Ola says business finances unaffected
Ola calls this a "genuine pre-existing" dispute, not a sign of any new money problems.
The company had already gone to court for temporary protection while waiting for arbitration. In response, the vendors filed insolvency petitions against Ola.
Despite all this legal noise (and even a five percent dip in share price), Ola says its business and finances are totally unaffected.