Sunday, April 11, 2021
Home NEWS OYO gets relief from NCLAT, ban on insolvency process

OYO gets relief from NCLAT, ban on insolvency process

By issuing a statement on behalf of OYO, it was also said that 16 lakh had been paid to the hotel owner who claimed.

Oyo said in a tweet that NCLAT has accepted our petition.

The NCLAT ordered a stay on the bankruptcy process against Oyo Rooms and has also accepted the petition of its subsidiary Oyo Hotels and Homes Private Limited (OHHPL). By issuing a statement on behalf of OYO, it was also said that 16 lakh has been paid to the hotel owner who claimed. Earlier, the National Company Law Tribunal (NCLT) had filed a petition against Oyo’s subsidiary OHHPL for hearing of the insolvency proceedings.

This petition has been filed to recover Rs 16 lakh from OHHPL. However, Oyo challenged the petition in the Appellate Tribunal on Wednesday. Oyo said in a tweet, “NCLAT has accepted our petition and has stayed the order to constitute COC in the IBC process filed against OHHPL. The claimant has already received Rs 16 lakh which the company paid in protest. “Oyo founder and group CEO Ritesh Aggarwal said in a tweet,” Since yesterday (Wednesday), social media But I am thankful to all those who have supported me. I thank you guys for discouraging misleading news and forwarded messages. ”

Agarwal on Wednesday denied such news and reports that the company has filed a case for insolvency action. He said in the tweet, “Such PDFs and prepared messages are being issued claiming that Oyo has filed a case for insolvency action.” This message is completely untrue and false. A claimant has claimed Oyo’s subsidiary with an arrear of 16 lakh rupees ($ 22,000), on which he has filed a petition in the NCLT. ”

Under the Insolvency and Debt Insolvency Act (IBC), no debtor can take the company into the insolvency process if the pending payment is not made. Once a petition is filed in the NCLT, a resolution professional is appointed who examines the claim of the creditor and oversees the functioning of the company to settle such claim.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.

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