NCLT admits insolvency plea against Oyo unit, firm challenges it – Business Standard

OYO founder took to Twitter to clarify on rumours that the hotel aggregator chain had filed for bankruptcy

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Oyo|Bankruptcy|startups in India

The National Company Law Tribunal (NCLT) has accepted a plea against a unit of Oyo Rooms.

Oravel Stays Pvt Limited, the parent company of Oyo Rooms, has challenged the NCLT order which has initiated insolvency proceedings against its unit, called OYO Hotels and Homes Pvt Limited (OHHPL).

The NCLT had admitted the insolvency plea against OHHPL on March 30, 2021, and it was filed by a creditor who claimed that OHHPL defaulted on a payment of Rs 16 lakh.

OYO founder and CEO Ritesh Agarwal on Wednesday took to Twitter…

Read the full article at: https://www.business-standard.com/article/companies/oyo-founder-ceo-ritesh-agarwal-clears-the-air-on-bankruptcy-rumours-121040700588_1.html