OYO bankruptcy Report: NCLAT stays insolvency proceeding against OHHPL, an OYO subsidiary

Today NCLAT has admitted our plea and ordered a stay for the formation of COC in IBC proceedings against OHHPL, an OYO subsidiary.

Avatar Written by April 8, 2021 19:43

New Delhi: Big relief for OYO subsidiary-OHHPL after the National Company Law Appellate Tribunal (NCLAT) has now admitted OYO’s plea and ordered a stay against the formation of committee of creditors (COC).

This comes after OHHPL appealed the order in front of NCLAT and explained that a demand draft of INR 16L was issued to the claimant under protest and the claimant has willingly banked the DD.

Taking to Twitter the company Founder and CEO Ritesh Agarwal said, “Today NCLAT has admitted our plea and ordered a stay for the formation of COC in IBC proceedings against OHHPL, an OYO subsidiary. The claimant has already drawn the INR 16 Lakhs which we paid under protest. ”

“The NCLAT provided a stay for the formation of COC in IBC proceedings against OHHPL, subsidiary of OYO. OHHPL appealed the order in front of NCLAT and explained that a demand draft of INR 16L was issued to the claimant under protest and the claimant has willingly banked the DD,” OYO said in a statement.

The company Founder and CEO Ritesh Agarwal had refuted the reports about filing bankruptcy on  Wednesday.

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