The National Company Law Tribunal has ordered the commencement of a corporate insolvency resolution process of Oyo Hotels and Homes Pvt., according to a public announcement posted on the IBBI website. An Oyo spokesperson said the proceedings are a result of a contractual dispute. It has filed an appealed, the spokesperson said in an emailed statement.
The public announcement states
- The NCLT has ordered the commencement of insolvency proceedings for Oyo Hotels and Homes with effect April 1.
- As per the standard process, creditors have been called upon to submit claims with proof.
- The last date for submission of claims is April 15.
- The interim resolution professional appointed is Keyur Shah.
The applicant for the filing is Rakesh Yadav, according to information on the website of the Insolvency and Bankruptcy Board of India.
No other details are currently available regarding the reasons for the filing. But, the Oyo spokesperson said the case is a contractual dispute of Rs 16 lakh.
“We are surprised to hear that the Hon’ble NCLT has admitted a petition against OHHPL a subsidiary of OYO for Rs 16 Lakhs 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.”
– OYO Spokesperson