A day later, on April 8, the National Company Law Appellate Tribunal (NCLAT) has given its verdict on Oyo’s petition against the order of the National Company Law Tribunal (NCLT). According to the NCLAT’s decision, the NCLT order has been stayed in which it had ordered the insolvency process to be initiated against Oyo’s subsidiary Oyo Hotels and Homes Pvt Ltd in a payment default case of Rs 16 lakh. Oyo had appealed against this and now NCLAT has accepted Oyo’s plea. The NCLAT has prohibited the formation of the Committee of Creditors (COC).
Due to this there was a problem in buying railway tickets, RPF caught 20 software for booking tickets illegally
There was a rumor of bankruptcy
When the NCLT allowed the insolvency process to begin, rumors of Oyo’s bankruptcy went away. Due to this, the founder and CEO of OYO Rooms, Ritesh Aggarwal, tweeted that this rumor is baseless and the company has paid the 16 lakh rupees for which the dispute is being raised. The NCLT order in the case against Oyo’s Subsidiary Homes Private Limited (OHHPL) has been challenged by Oyo in the National Company Law Appellate Tribunal (NCLAT), from where it is relieved.
This is the whole case
Oovel Stays, the parent company of Oyo Hotels, challenged the order in which NCLT ordered to initiate insolvency proceedings against OHHPL. The NCLT gave this order on 30 March 2021 on a petition by creditor Rakesh Yadav. Based on the petition of Rakesh Yadav, NCLT had ordered to start this insolvency process in the default case of Rs 16 lakh. On this, the CEO and Founder of Oyo Rooms Ritesh Aggarwal tweeted that Oyo did not apply for bankruptcy as it is being spread among the people.
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