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NCLT initiates insolvency proceedings against OYO arm; Co files appeal

In the meantime, OYO stated it has challenged the order in opposition to its subsidiary OYO Inns and Properties Pvt Ltd (OHHPL) within the Nationwide Firm Regulation Appellate Tribunal (NCLAT).

PTI | , New Delhi

PUBLISHED ON APR 07, 2021 02:41 PM IST

The Nationwide Firm Regulation Tribunal has directed to begin insolvency proceedings in opposition to OYO Inns and Properties Pvt Ltd on March 30, 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 in opposition to its subsidiary OYO Inns and Properties Pvt Ltd (OHHPL) within the Nationwide Firm Regulation Appellate Tribunal (NCLAT).

The collectors of OYO Inns and Properties Pvt Ltd are known as upon to submit their claims with proofs on or earlier than April 15, 2021, to the interim decision skilled, the announcement stated.

“We’re shocked to listen to that the Hon’ble NCLT has admitted a petition in opposition to OHHPL, a subsidiary of OYO for 16 Lakh in a contractual dispute, which dispute is just not even with this subsidiary. We’ve got filed an enchantment,” an OYO spokesperson stated.

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 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 in search of 16 Lakhs (USD 22okay) from OYO’s subsidiary resulting in a petition at NCLT”.

In one other tweet, he stated, “OYO has paid that beneath 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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