OYO moves NCLAT to challenge insolvency plea against subsidiary

Hospitality chain OYO has approached the Nationwide Firm Legislation Appellate Tribunal (NCLAT) towards an order of the Ahmedabad Bench of Nationwide Firm Legislation Tribunal (NCLT) admitting an insolvency petition towards OYO Accommodations and Houses Personal Restricted (OHHPL), a subsidiary of the guardian group.

The Ahmedabad Bench of NCLT had on April 1 admitted an insolvency plea towards OHHPL after a creditor approached the tribunal claiming a default of Rs 16 lakh. The NCLT admitted the plea and appointed an interim decision skilled to handle the day-to-day proceedings of the corporate. It had then additionally requested all collectors to submit their claims with proof on or earlier than April 15.

The initiation of insolvency towards the subsidiary led to incorrect reviews claiming that your entire OYO group had filed for insolvency. On Wednesday, Ritesh Agarwal, the group chief govt officer of the hospitality chain denied the reviews and mentioned {that a} claimant had sought Rs 16 lakh from its subsidiary, which led to the case at NCLT.

“OYO has paid that underneath protest and quantity already banked by the claimant,” Agarwal tweeted. In an announcement later, the corporate mentioned it was shocked the NCLT had admitting a petition towards OHHPL for a contractual dispute, it additionally mentioned that it will “chorus from commenting additional on the deserves of the matter” because the matter was sub-judice.

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