OYO – Insolvency – Admitted by NCLT

OYO – Insolvency – Admitted by NCLT

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

CA Prabhath Sharma Ganti

Working as Audit Senior Assistant @Deloitte USI. Enthusiastic and Innovative writer. Writes about Taxation and Stock market aspects.

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