- A Gurugram-based creditor had initiated insolvency proceedings and The National Company Law Tribunal had admitted the petition against OYOs subsidiary Oyo Hotels and Homes Pvt Ltd on April 7.
- The National Company Law Appellate Tribunal (NCLAT) today stayed the proceedings against OYOs subsidiary.
- As initially it was misreported by a few media platforms as OYO filing for bankruptcy, Agarwal had taken to Twitter to squash the rumours.
As OYO battled with reports of bankruptcy, which it said was inaccurate, and received an outpouring of support from Indias startup ecosystem, the Ritesh Agarwal-led company heaved a sigh of relief today.
The National Company Law Appellate Tribunal (NCLAT) today stayed the proceedings against OYOs subsidiary…