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NCLAT closes insolvency proceedings against Oyo and its subsidiary
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NCLAT Dismisses Insolvency Case Against OYO, But Door Open For Appeal
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NCLAT orders stay in insolvency proceedings against Oyo s subsidiary
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NEW DELHI: Oyo founder Ritesh Agarwal on Wednesday denied reports of the company filing for bankruptcy.
In a tweet, Agarwal said: There is a PDF and text message circulating that claims Oyo has filed for bankruptcy. This is absolutely untrue and inaccurate.
There is a PDF and text message circulating that claims OYO has filed for bankruptcy. This is absolutely untrue and… https://t.co/ViDZHWcLzD Ritesh Agarwal (@riteshagar) 1617780815000
He further clarified that an operational creditor is seeking Rs 16 lakh from Oyo s subsidiary, Oyo Hotels & Homes Private Limited (OHHPL) over non-payment of dues and the National Company Law Tribunal (NCLT) has admitted his plea for corporate insolvency against it.
No, not bankruptcy! Oyo insolvency admitted by NCLT for Rs 16 lakh dispute
Oyo Founder and CEO Ritesh Agarwal has dismissed rumours that Oyo has filed for bankruptcy
Manu Kaushik | April 7, 2021 | Updated 13:46 IST
Oyo Founder and CEO Ritesh Agarwal
A fresh case of insolvency has been filed against the subsidiary of Oyo over a dispute of Rs 16 lakh. The National Company Law Tribunal (NCLT) has admitted the case and ordered the commencement of corporate insolvency proceedings on March 31, 2021. The NCLT has ordered the creditors of Oyo Hotels and Homes Private Limited (OHHPL), Oyo s subsidiary, to submit their claims by April 15 to the interim resolution professional (IRP) based in Ahmedabad.