New Delhi: Several information studies on Tuesday stated that Hospitality agency OYO has utilized for chapter underneath IBC 2016.
However, the corporate’s CEO Ritesh Agarwal denied claims by way of a sequence of tweets and stated that OYO has not filed for chapter. THe NCLT order pertains to the Ahmedabad entity and not precisely for Oravel Stays Pvt Ltd.
“There is a PDF and text message circulating that claims OYO has filed for bankruptcy. This is absolutely untrue and inaccurate. A claimant is seeking INR 16Lakhs (USD 22k) from OYO’s subsidiary leading to a petition at NCLT,” stated firm’s CEO Ritesh Agarwal.
There is a PDF and textual content message circulating that claims OYO has filed for chapter. This is completely unfaithful and inaccurate. A claimant is searching for INR 16Lakhs (USD 22k) from OYO’s subsidiary resulting in a petition at NCLT. 1/3
— Ritesh Agarwal (@riteshagar) April 7, 2021
“OYO has paid that under protest and amount already banked by the claimant. OYO has also appealed with the NCLAT about the matter. OYO is recovering from the pandemic steadily and our largest markets are operating profitably,” he added.
OYO has paid that underneath protest and quantity already banked by the claimant. OYO has additionally appealed with the NCLAT in regards to the matter. OYO is recovering from the pandemic steadily and our largest markets are working profitably. 2/3
— Ritesh Agarwal (@riteshagar) April 7, 2021
Agarwal has additionally pasted a doc on twitter, stating that the corporate has challenged NCLT order towards its subsidiary. Read the complete textual content beneath.
“OYO has challenged NCLT Order towards its subsidiary for an quantity of 16 Lakhs
OYO has a subsidiary known as OHHPL
The NCLT admitted an order towards its subsidiary for an quantity of 16 Lakhs OYO has challenged the order in NCLAT
This has earlier occurred in Flipkart and put aside stated sources acquainted to the matter
OYO has challenged NCLT Order towards its subsidiary for an quantity of 16 Lakhs. The
Subs idiary identify is OHHPL. This is not the primary time {that a} petition has been accepted by NCLT for a brand new age firm. In Feb 2020 Flipkart additionally obtained such a petition and it was put aside.
Statement on behalf of OYO spokesperson, “We are surprised to hear that the Hon’ble NCLT has admitted a petition against OHHPL a subsidiary of OYO for INR 16 Lakhs 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. We have strong faith and belief in our judicial system.”
The firm additionally stated, the INR 16 L in dispute has already been paid to the claimant underneath protest by the entity (aside from OHHPL) with whom the dispute was raised.
Flipkart had the same matter in February 2020 the place a courtroom for a small operational creditor had allowed NCLT petition however it was promptly put aside by NCLAT.”
#mute
