NCLT initiates insolvency proceedings against OYO subsidiary; company files appeal
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’
New Delhi: The Nationwide Company Regulation Tribunal has directed to begin insolvency proceedings against OYO Lodges and Houses Pvt Ltd on 30 March, in response to 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 against its subsidiary OYO Lodges and Houses Pvt Ltd (OHHPL) within the Nationwide Company Regulation Appellate Tribunal (NCLAT).
The collectors of OYO Lodges 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 shocked to listen to 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 isn’t even with this subsidiary. We have now filed an appeal,” an OYO spokesperson stated.
The matter is sub-judice and “we might chorus from commenting additional on the deserves of the matter at this stage. We have now robust 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”.
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. 2/3
— Ritesh Agarwal (@riteshagar) April 7, 2021
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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