Highlights
CEO publishes series of tweets.
NCLT order pertains to the Ahmedabad entity.
New Delhi: Several news reports on Tuesday said that Hospitality firm OYO has applied for bankruptcy under IBC 2016.
However, the company's CEO Ritesh Agarwal denied claims via a series of tweets and said that OYO has not filed for bankruptcy. THe NCLT order pertains to the Ahmedabad entity and not exactly for Oravel Stays Pvt Ltd.
"There is a PDF and text message circulating that claims OYO has filed for bankruptcy. This is absolutely untrue and inaccurate. A claimant is seeking INR 16Lakhs (USD 22k) from OYO's subsidiary leading to a petition at NCLT," said company's CEO Ritesh Agarwal.