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NCLT initiates insolvency proceedings against OYO subsidiary; company files appeal-Business News , Novi Reporter”

NCLT initiates insolvency proceedings in opposition to OYO subsidiary; firm information appeal-Enterprise Information , Novi Reporter”

Group CEO Ritesh Agarwal in a tweet termed the textual content message circulating with claims of OYO having filed for chapter as ‘completely unfaithful and inaccurate’

NCLT initiates insolvency proceedings against OYO subsidiary; company files appeal

Representational Picture. CNBC-TV18

New Delhi: The Nationwide Firm Legislation Tribunal has directed to begin insolvency proceedings in opposition to OYO Lodges and Properties Pvt Ltd on 30 March, in keeping with a public announcement by the interim decision skilled.

Ahmedabad-based Keyur Jagdishbhai Shah has been appointed because the interim decision skilled to run the insolvency proceedings.

In the meantime, OYO mentioned it has challenged the order in opposition to its subsidiary OYO Lodges and Properties Pvt Ltd (OHHPL) within the Nationwide Firm Legislation Appellate Tribunal (NCLAT).

The collectors of OYO Lodges and Properties Pvt Ltd are referred to as upon to submit their claims with proofs on or earlier than 15 April, 2021, to the interim decision skilled, the announcement mentioned.

“We’re shocked to listen to that the Hon’ble NCLT has admitted a petition in opposition to OHHPL, a subsidiary of OYO for Rs 16 Lakh in a contractual dispute, which dispute shouldn’t be even with this subsidiary. We’ve filed an enchantment,” an OYO spokesperson mentioned.

The matter is sub-judice and “we’d chorus from commenting additional on the deserves of the matter at this stage. We’ve sturdy religion and perception in our judicial system,” the spokesperson added.

OYO Founder and Group CEO Ritesh Agarwal in a tweet mentioned, “There’s a PDF and textual content message circulating that claims OYO has filed for chapter. That is completely unfaithful and inaccurate. A claimant is searching for Rs 16 Lakhs (USD 22k) from OYO’s subsidiary resulting in a petition at NCLT”.

In one other tweet, he mentioned, “OYO has paid that underneath protest and quantity already banked by the claimant. OYO has additionally appealed with the NCLAT in regards to the matter. OYO is recovering from the pandemic steadily and our largest markets are working profitably”.


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Updated: April 25, 2021 — 5:56 am

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