Application for Corporate Insolvency Resolution Process against OYO Hotels and Homes Pvt Ltd. was filed u/s 7 of IBC,2016 (Amended 2019)
Admitted by – NCLT
Default Amount – Rs. 16 lakhs
Applicant (Financial Creditor) – Rakesh Yadav
Proposed Interim Resolution Professional – Keyur Jagdishbhai Shah
Insolvency commencement date – 01 April 2021
Claims Submission due date – 15 April 2021
Expected date of completion of Insolvency proceedings – 27 September 2021
During COVID 19 period the monetary limit of default for admitting the application was enhanced to Rs. 1 crore but recently it was again curtailed to Rs. 1 lakh again
Statement by OYO Spokesperson: We are surprised to hear that the Hon’ble 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
Additional Points
Tough impact of the COVID-19 pandemic on the hospitality industry,
OYO has announced mass layoffs and was facing vendor pressures and IT raids
What was the date of default