NCLT starts insolvency case against Oyo unit

In a press release on Wednesday, Oyo stated it has filed an attraction, difficult the insolvency order. The court docket ordered the insolvency proceedings on March 30, giving the lodge aggregator till April 15 to submit its claims.

By Tarush Bhalla

PUBLISHED ON APR 08, 2021 07:56 AM IST

The Nationwide Firm Legislation Tribunal (NCLT) has ordered a company insolvency decision course of in opposition to hospitality unicorn Oyo subsidiary, Oyo Lodges and Properties Pvt. Ltd (OHHPL), for an quantity of 16 lakh. In a press release on Wednesday, Oyo stated it has filed an attraction, difficult the insolvency order.

The court docket ordered the insolvency proceedings on March 30, giving the lodge aggregator till April 15 to submit its claims. “Discover is on condition that the Nationwide Firm Legislation Tribunal has ordered the graduation of a company insolvency decision means of the OYO Lodges and Properties Pvt. Ltd on thirtieth March 2021 (w.e.f. 01st April 2021). The collectors of M/S. OYO Lodges and Properties Pvt. Ltd, are hereby referred to as upon to submit their claims with proof on or earlier than fifteenth April, 2021 to the interim decision skilled,” learn the NLCT order. Mint has reviewed a replica of the order.

Keyur Jagdishbhai Shah has been appointed because the appearing interim decision skilled for the insolvency proceedings.

Oyo founder and chief government Ritesh Agarwal took to Twitter on Wednesday to make clear {that a} claimant was looking for 16 lakh from Oyo’s subsidiary, resulting in a petition on the NCLT. “Oyo has paid that (quantity) below protest and quantity (is) already banked by the claimant. Oyo has additionally appealed with the NCLAT (Nationwide Firm Legislation Appellate Tribunal) in regards to the matter. Oyo is recovering from the (Covid-19) pandemic steadily and our largest markets are working profitably,” Agarwal tweeted.

In an official remark, an Oyo spokesperson stated the dispute of the claimant isn’t with the named subsidiary within the order, OHHPL. “We’re stunned to listen to that Hon’ble NCLT has admitted a petition in opposition to OHHPL, a subsidiary of Oyo, for 16 lakh in a contractual dispute, which dispute isn’t even with this subsidiary. We’ve got filed an attraction. The matter is sub-judice, and we’d chorus from commenting additional on the deserves of the matter at this stage. We’ve got sturdy religion and perception within the judicial system.”

Shut

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *