OYO files for bankruptcy; here’s a fact check

Bhubaneswar: Amidst the buzz doing the rounds that OYO Group has filed for bankruptcy, here’s a fact-check into the series of events.

After a Hyderabad-based hostel filed an insolvency petition against OYO Hotels and Homes Pvt Ltd (OHHPL), a subsidiary of OYO Group,  alleging contractual dispute of Rs 16 lakh, the National Company Law Tribunal (NCLT) admitted  the petition for commencement of corporate insolvency proceedings against the company.

The creditors of M/S OYO Hotels and Home Pvt Limited are called upon to submit their claims with proof on or before April 15 to the interim resolution professional at the address mentioned against entry no 10, reads a public announcement by NCLT.

“The financial creditors shall submit their claims with proof by electronic means only. All other creditors may submit the claims with proof in person, by post or by electronic means,” it further reads.

Challenging the petition, OYO Group has filed an appeal before the National Company Law Appellate Tribunal (NCLAT). OYO Group claimed that the disputed amount of Rs 16 lakh has been paid to the claimant.

 

Few days ago, OYO had said that it will pay for COVID-19 vaccination cost for all its employees and their family members in India. OYO had released a statement saying that the employees and their family members in India can get the vaccination done at any centre and the company will reimburse the money to them.

 

Also Read

Comments are closed.

close-link