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.

Also read, in this scheme of Post Office, deposit only 1724 rupees every month, you will get a lump sum 31 lakh on retirement.

Also read, Applications are being applied for loans, so take care of these 5 things, the application will never be rejected

(language input)

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.


Please enter your comment!
Please enter your name here

Most Popular

How To Start Sleeper Making Business in India?

Know how to start the business of making slippers - Hello friends today I am going to tell you about the business of making...

20 Businesses You Can Start With Less Than 10K

There are so many people out there in this world who don't like working under somebody's thumb for the rest of their lives. Being...

Stevia Farming Will Largest Market in the Future Startup

To increase farmers' income by 2022, the central government is now focusing more on cash crops, except traditional farming. The National Medicinal Plant Board...

How To Start Tiffin Service Business in India?

How to start a tiffin service business? - A large part of the country lives away from home in search of bread and a...

Ideas for Startups to Give Back in the Time of Coronavirus

In the present time, every single person is struggling and barely making the end meets. No matter which class you belong to, your life...