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NCLT initiates insolvency proceedings against OYO arm; Co files appeal

The Nationwide Firm Legislation Tribunal has directed to start insolvency proceedings in opposition to OYO Resorts and Properties Pvt Ltd on March 30, in line with a public announcement by the interim resolution expert.

Ahmedabad-based Keyur Jagdishbhai Shah has been appointed as a result of the interim resolution expert to run the insolvency proceedings.

In the meantime, OYO talked about it has challenged the order in opposition to its subsidiary OYO Resorts and Properties Pvt Ltd (OHHPL) throughout the Nationwide Firm Legislation Appellate Tribunal (NCLAT).

The collectors of OYO Resorts and Properties Pvt Ltd are known as upon to submit their claims with proofs on or sooner than April 15, 2021, to the interim resolution expert, the announcement talked about.

“We’re shocked to listen to that the Hon’ble NCLT has admitted a petition in opposition to OHHPL, a subsidiary of OYO for 16 Lakh in a contractual dispute, which dispute will not be even with this subsidiary. We’ve filed an attraction,” an OYO spokesperson talked about.

The matter is sub-judice and “we’d chorus from commenting additional on the deserves of the matter at this stage. We’ve robust religion and perception in our judicial system,” the spokesperson added.

OYO Founder and Group CEO Ritesh Agarwal in a tweet talked about, “There’s a PDF and textual content message circulating that claims OYO has filed for chapter. That is completely unfaithful and inaccurate. A claimant is looking for 16 Lakhs (USD 22k) from OYO’s subsidiary resulting in a petition at NCLT”.

In a single different tweet, he talked about, “OYO has paid that beneath protest and quantity already banked by the claimant. OYO has additionally appealed with the NCLAT concerning the matter. OYO is recovering from the pandemic steadily and our largest markets are working profitably”.

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