Supplier takes OYO company to bankruptcy court over disputed payment of Rs 16 lakh – The New Indian Express


Through Express news service

NEW DELHI: Surprisingly, the National Company Law Court (NCLT) has ordered the opening of insolvency proceedings against OYO Hotels and Homes Pvt. Ltd (OHHPL), a unit of hotel aggregator Oyo Rooms, in a dispute over payments worth Rs 16 lakh.

The NCLT admitted the insolvency plea on March 30, filed by Rakesh Yadav, who claims that OHHPL defaulted for an amount of Rs 16 lakh. The court has now ordered OHHPL creditors to submit their claims by April 15 to the Ahmedabad-based Provisional Resolution Professional (IRP).

“Notice is given that the National Company Law Court has ordered the initiation of a corporate insolvency resolution process from OYO Hotels and Homes Pvt. Ltd on March 30, 2021 (wef April 01, 2021). The creditors of M / S. OYO Hotels and Homes Pvt. Ltd, are invited to submit their claims with proof no later than April 15, 2021 to the Provisional Resolution Professional ”, reads the NLCT order.

Oravel Stays Pvt Limited, the parent company of OYO Rooms backed by Softbank, challenged the NCLT order and said the disputed amount had already been paid to the plaintiff. “We are surprised to learn that Hon’ble NCLT has admitted a claim 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 case is pending and we will refrain from commenting further on the merits of the case at this time. We have strong faith and faith in the justice system, ”said an OYO spokesperson. OYO founder and CEO Ritesh Agarwal also said reports that the company had filed for bankruptcy was “absolutely false and inaccurate.”

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