(File photo)
NEW DELHI: Hospitality firm Oyo on Thursday said the National Company Law Appellate Tribunal (NCLAT) has ordered a stay on the formation of committee of creditors in proceedings under the Insolvency and Bankruptcy Code against its subsidiary Oyo Hotels and Homes Pvt Ltd (OHHPL).
Earlier, the National Company Law Tribunal (NCLT) had admitted a petition for initiating insolvency proceedings against OHHPL for recovery of Rs 16 lakh, an order that the hospitality firm challenged before the appellate tribunal on Wednesday. Closing @riteshagar s thread from yesterday - Today NCLAT has admitted our plea and ordered a stay for the formation of COC in IBC proceedings against OHHPL, an OYO subsidiary. The claimant has already drawn the INR 16 Lakhs which we paid under protest, Oyo said in a tweet.
It’s raining unicorns!
Only four months into 2021, the Indian startup ecosystem has already added eight new companies to the $1 billion valuation club. And on Wednesday, joining the coveted club were healthtech startup PharmEasy and fintech startup Groww.
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While a NASSCOM report had predicted that India will have 50 unicorns in 2021, the ecosystem may just cross that number sooner than that.
Only four months into 2021, the Indian startup ecosystem has already added eight new companies to the $1 billion valuation club. And on Wednesday, joining the coveted club were healthtech startup PharmEasy and fintech startup Groww.
The other six startups that entered the unicorn club this year are Digit Insurance, InnovAccer, Infra.Market, Five Star Business Finance, Meesho, and CRED.
NCLAT stays formation of Committee of Creditors in insolvency proceedings against OYO arm
April 08, 2021
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The National Company Law Appellate Tribunal (NCLAT) has ordered a stay on the formation of Committee of Creditors (CoC) in the insolvency proceedings against OYO Hotels and Homes Pvt Ltd (OHHPL), a subsidiary of hospitality unicorn OYO.
This comes in response to OYO challenging the recent National Company Law Tribunal (NCLT) order for commencement of insolvency proceedings against OHHPL over a dispute of ₹16 lakh.
“The NCLAT provided a stay for the formation of CoC in IBC proceedings against OHHPL, subsidiary of OYO. OHHPL appealed the order in front of NCLAT and explained that a demand draft of ₹16 lakh was issued to the claimant under protest and the claimant has willingly banked the DD,” said a statement by a OYO spokesperson.
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.
Hospitality firm OYO on Thursday said the National Company Law Appellate Tribunal (NCLAT) has ordered a stay on the formation of committee of creditors in proceedings under the Insolvency and Bankruptcy Code against its subsidiary OYO Hotels and Homes Pvt Ltd (OHHPL). Earlier, the National Company Law Tribunal (NCLT) had admitted a petition for initiating insolvency proceedings against OHHPL for recovery of Rs 16 lakh, an order that the hospitality firm challenged before the appellate tribunal on Wednesday. Closing@riteshagar s thread from yesterday - Today NCLAT has admitted our plea and ordered a stay for the formation of COC in IBC proceedings against OHHPL, an OYO subsidiary. The claimant has already drawn the INR 16 Lakhs which we paid under protest, OYO said in a tweet.