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NCLT admits insolvency plea against OYO arm; Co. moves NCLAT
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SME Times News Bureau | 07 Apr, 2021
The Ahmedabad-bench National Company Law Tribunal (NCLT) has admitted
the insolvency application against OYO subsidiary, OYO Hotels &
Homes Private Ltd (OHHPL).
Following the development, OYO has moved the National Company Law Appellate Tribunal (NCLAT) against the NCLT order.
An
OYO spokesperson said: "We are surprised to hear that the NCLT has
admitted a petition against OHHPL a subsidiary of OYO for Rs 16 lakh in a
contractual dispute, which dispute is not even with this subsidiary."
"We
have filed an appeal. The matter is sub-judice and we would refrain
from commenting further on the merits of the matter at this stage. We
have strong faith and belief in our judicial system," the spokesperson
said.
The company also said, the Rs 16 lakh in dispute has already been paid to the claimant.
The
NCLT ordered the commencement of a corporate insolvency resolution
process of the OYO subsidiary on March 30, 2021, with effect from April
1, 2021.
The tribunal has directed OYO Hotels and Homes to submit
its claims with proof on or before April 15 to the interim resolution
professional.
Ritesh Agarwal, Founder and CEO of OYO said in a
tweet: "There is a PDF and text message circulating that claims OYO has
filed for bankruptcy. This is absolutely untrue and inaccurate. A
claimant is seeking INR 16Lakhs (USD 22k) from OYO's subsidiary leading
to a petition at NCLT."
"OYO has paid that under protest and
amount already banked by the claimant. OYO has also appealed with the
NCLAT about the matter. OYO is recovering from the pandemic steadily and
our largest markets are operating profitably," he said in another
tweet.
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