NCLAT stays insolvency proceedings in opposition to OYO


OYO defined to the NCLAT {that a} demand draft of Rs 16 lakh was issued to the claimant below protest and the claimant has willingly ‘banked’ the demand draft.

In a reduction for OYO, the Nationwide Firm Legislation Appellate Tribunal (NCLAT) on Thursday stayed the formation of a committee of collectors (CoC) in insolvency proceedings in opposition to the agency’s subsidiary OYO Resorts and Houses (OHHPL).

The Ahmedabad bench of the Nationwide Firm Legislation Tribunal (NCLT) had on April 1 admitted insolvency proceedings on an utility filed by an operational creditor, Rakesh Yadav, over non-payment of dues amounting to Rs 16 lakh in opposition to OHHPL. OYO challenged the order earlier than the appellate tribunal on April 7. The NCLAT has admitted OYO’s plea and handed the keep order on Thursday.

“Right this moment (Thursday) NCLAT has admitted our plea and ordered a keep for the formation of CoC in IBC proceedings in opposition to OHHPL, an OYO subsidiary. The claimant has already drawn the Rs 16 lakh which we paid below protest,” Oyo stated in a tweet.

OYO defined to the NCLAT {that a} demand draft of Rs 16 lakh was issued to the claimant below protest and the claimant has willingly ‘banked’ the demand draft.

In a tweet, OYO founder and group CEO Ritesh Agarwal stated, “I’m so grateful to everybody for his or her assist on social media since yesterday (Wednesday). Thanks for discouraging deceptive information and forwarded messages”.

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