OYO breathes easy as NCLAT orders a stay on insolvency proceedings against its subsidiary company
Sanchita DashApr 8, 2021, 15:06 IST
OYO blog
A Gurugram-based creditor had initiated insolvency proceedings and The National Company Law Tribunal had admitted the petition against OYO’s subsidiary
Oyo Hotels and Homes Pvt Ltd on April 7.
The National Company Law Appellate Tribunal (NCLAT) today stayed the proceedings against OYO’s 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 India’s startup ecosystem, the Ritesh Agarwal-led company heaved a sigh of relief today.