NCLT initiates insolvency proceedings towards OYO subsidiary; firm recordsdata enchantment

NCLT initiates insolvency proceedings towards OYO subsidiary; firm recordsdata enchantment

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 start out insolvency proceedings towards OYO Accommodations and Houses 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.

In the meantime, OYO stated it has challenged the order towards its subsidiary OYO Accommodations and Houses Pvt Ltd (OHHPL) within the Nationwide Firm Legislation Appellate Tribunal (NCLAT).

The collectors of OYO Accommodations and Houses 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 stated.

“We’re stunned to listen to that the Hon’ble NCLT has admitted a petition towards OHHPL, a subsidiary of OYO for Rs 16 Lakh in a contractual dispute, which dispute just isn’t even with this subsidiary. We’ve filed an enchantment,” an OYO spokesperson stated.

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 stated, “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 looking for Rs 16 Lakhs (USD 22k) from OYO’s subsidiary resulting in a petition at NCLT”.

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


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