A fresh case of insolvency has been filed against the subsidiary of Oyo over a dispute of Rs 16 lakh. The National Company Law Tribunal (NCLT) has admitted the case and ordered the commencement of corporate insolvency proceedings on March 31, 2021. The NCLT has ordered the creditors of Oyo Hotels and Homes Private Limited (OHHPL), Oyo’s subsidiary, to submit their claims by April 15 to the interim resolution professional (IRP) based in Ahmedabad.
Oyo, however, has challenged the NCLT order against its subsidiary. In an official statement, Oyo said that it’s surprised to hear that NCLT has admitted a petition against OHHPL in a contractual dispute. “We have filed an appeal. The matter is sub-judice and we would refrain from commenting …
Read the full article at: https://www.businesstoday.in/current/corporate/no-not-bankruptcy-oyo-insolvency-admitted-by-nclt-for-rs-16-lakh-dispute/story/435960.html
