ABP Live

New Delhi: In an unprecedented improvement, a number of web site have not too long ago reported that Oyo Rooms has filed for chapter underneath the Insolvency and Chapter Code, 2016 and the Nationwide Firm Regulation Tribunal (NCLT) has ordered a company insolvency decision means of the startup. 

Nonetheless, firm’s founder and Chief Government Officer (CEO) Ritesh Agarwal on Wednesday rejected the claims that his agency has filed for chapter and phrases the information as ‘pretend’. 

“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 in search of INR 16Lakhs (USD 22k) from OYO’s subsidiary resulting in a petition at NCLT,” Agarwal took to Twitter and wrote.

“OYO has paid that underneath 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,” he defined additional. 

The claims that Ahmedabad-bench of NCTL has ordered the insolvency utility towards OYO subsidiary, OYO Resorts & Houses Personal Ltd (OHHPL) stand to be true.

The NCLT ordered the graduation of a company insolvency decision means of the OYO subsidiary on March 30, 2021, with impact from April 1, 2021.

The tribunal has directed OYO Resorts and Houses to submit its claims with proof on or earlier than April 15 to the interim decision skilled.


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