Top
Begin typing your search above and press return to search.

NCLT admits insolvency plea against OYO arm

The Ahmedabad-bench National Company Law Tribunal (NCLT) has admitted the insolvency application against OYO subsidiary, OYO Hotels & Homes Private Ltd (OHHPL).

NCLT admits insolvency plea against OYO arm

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  8 April 2021 7:38 AM GMT

NEW DELHI: 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. (IANS)


Also Read: Holi 2021: Wellness benefits of celebrating Holi festival

Also Watch: Man found dead on railway tracks in Biswanath

Next Story