NCLAT orders stay on CoC formation in proceedings against subsidiary: Oyo

By Press Trust of India4 days ago

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Hospitality firm OYO on Thursday said the National Company Law Appellate Tribunal (NCLAT) has ordered a stay on the formation of committee of creditors in proceedings under the Insolvency and Bankruptcy Code against its subsidiary OYO Hotels and Homes Pvt Ltd (OHHPL).

Earlier, the National Company Law Tribunal (NCLT) had admitted a petition for initiating insolvency proceedings against OHHPL for recovery of Rs 16 lakh, an order that the hospitality firm challenged before the appellate tribunal on Wednesday.

“Closing@riteshagar's thread from yesterday - 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,“ OYO said in a tweet.

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