NCLT initiates insolvency proceedings against OYO arm; Co files appeal

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

PTI | , New Delhi

PUBLISHED ON APR 07, 2021 02:41 PM IST

The Nationwide Firm Legislation Tribunal has directed to begin insolvency proceedings towards OYO Lodges and Properties Pvt Ltd on March 30, 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 towards 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 April 15, 2021, to the interim decision skilled, the announcement mentioned.

“We’re shocked to listen to that the Hon’ble NCLT has admitted a petition towards OHHPL, a subsidiary of OYO for 16 Lakh in a contractual dispute, which dispute is just not even with this subsidiary. We now have filed an enchantment,” an OYO spokesperson mentioned.

The matter is sub-judice and “we might chorus from commenting additional on the deserves of the matter at this stage. We now have robust 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 in search of 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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