SoftBank-backed Oyo Hotels & Homes scotched speculation on social media platforms over bankruptcy proceedings, which had been sparked by a National Company Law Tribunal (NCLT) order over a claim of Rs 16 lakh in dues by a hotel owner.
“There is a pdf and text message circulating that Oyo has filed for bankruptcy. This is absolutely untrue and inaccurate. A claimant is seeking Rs 16 lakh from Oyo’s subsidiary leading to a petition at NCLT, Oyos founder Ritesh Agarwal tweeted on Wednesday.
The NCLT order has been passed against Oyo Hotels and Homes (OHHPL) a subsidiary of Oravel Stays, the parent company of Oyo.
An NCLT bench in Ahmedabad has ordered the commencement of a corporate insolvency resolution process of OHHPL based on an applicati…