website 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.
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BENGALURU: A liquidity crisis at Coffee Day has led to delays in servicing debt worth Rs 518 crore at the end of March 2021, the company said in an exchange filing earlier this week.
The dues include outstanding loans worth Rs 280 crore and Rs 200 crore of non-convertible debentures (NCDs). The company couldn’t state when it will be able to clear its dues, putting a question mark over its recovery, which has dragged for about two years. Coffee Day declined to comment when contacted by TOI.
The development has led its lenders to explore the possibility of dragging the company, which runs the Cafe Coffee Day (CCD) chain, to the National Company Law Tribunal (NCLT) for a debt resolution programme, according to reports.
NEW DELHI: Amazon has moved the Supreme Court challenging the Delhi high court s division bench order that had vacated a stay on Kishore Biyani-led Future Group proceeding with its Rs 24,713 crore asset sale to Reliance Industries.
Amazon, in the petition, sought a stay on the March 22 order of the division bench, terming it illegal , random , inequitable and unfair .
On March 22, a division bench of the Delhi high court had granted Future a reprieve from a March 18 single-judge order that restrained it from taking any steps to sell assets to Reliance.
Amazon has now moved the Supreme Court and challenged the March 22 order, requesting a stay till a final outcome of its earlier plea related to the deal.
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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.