BENGALURU (Reuters) – Indias company law tribunal has initiated insolvency proceedings against a subsidiary of Softbank-backed hospitality startup Oyo, a public notice showed on Tuesday, a decision the company said it had challenged.
Oyo is one of SoftBanks biggest bets and the Japanese group has poured more than $1 billion into the company, in which it owns a 46% stake.
The National Company Law Tribunal (NCLT) notice said it was appointing a resolution professional for Oyos subsidiary, Oyo Hotels and Homes Pvt Ltd, and inviting all c…
Read the full article at: https://www.reuters.com/article/oyo-india/indian-tribunal-starts-insolvency-process-against-oyo-unit-company-appeals-idUSL4N2M02V9
