NCLT initiates insolvency proceedings against OYO subsidiary; company files appeal – Business News , Firstpost

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’

Representational Image. CNBC-TV18

New Delhi: The National Company Law Tribunal has directed to begin insolvency proceedings against OYO Hotels and Homes Pvt Ltd on 30 March, based on 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.

Meanwhile, OYO mentioned it has challenged the order against its subsidiary OYO Hotels and Homes Pvt Ltd (OHHPL) within the National Company Law Appellate Tribunal (NCLAT).

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

“We are surprised to hear that the Hon’ble NCLT has admitted a petition against OHHPL, a subsidiary of OYO for Rs 16 Lakh in a contractual dispute, which dispute is not even with this subsidiary. We have filed an appeal,” an OYO spokesperson mentioned.

The matter is sub-judice and “we would refrain from commenting further on the merits of the matter at this stage. We have strong faith and belief in our judicial system,” the spokesperson added.

OYO Founder and Group CEO Ritesh Agarwal in a tweet mentioned, “There is a PDF and text message circulating that claims OYO has filed for bankruptcy. This is absolutely untrue and inaccurate. A claimant is seeking Rs 16 Lakhs (USD 22k) from OYO’s subsidiary leading to a petition at NCLT”.

In one other tweet, he mentioned, “OYO has paid that under protest and amount already banked by the claimant. OYO has also appealed with the NCLAT about the matter. OYO is recovering from the pandemic steadily and our largest markets are operating profitably”.

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