The NCLT plea had been filed by a Gurgaon hotelier, who had accused the company of defaulting on payments and violating an agreement. The NCLAT ruling has now halted a ruling by the Ahmedabad bench of the NCLT initiating corporate insolvency proceedings against the subsidiary, OHHPL.
File image of Oyo Founder and CEO Ritesh Agarwal
Softbank-backed Oyo got a reprieve when the National Company Law Appellate Tribunal (NCLAT) admitted a plea by its subsidiary Oyo Hotels and Homes Pvt Ltd (OHHPL) seeking a stay on insolvency proceedings against it, the company said in a statement onApril 8.
The Ahmedabad bench of the NCLT had ordered the initiation of corporate insolvency proceedings against OHHPL on March 30.
The NCLAT order has ha…