Oyo subsidiary gets NCLAT reprieve in bankruptcy case

By Indiatimes4 days ago

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The National Company Law Appellate Tribunal (NCLAT) has admitted the plea of Oyo's subsidiary Oyo Hotels & Homes Private Ltd, (OHHPL) against an NCLT Ahmedabad bench order passed on April 1, which called for the commencement of the corporate insolvency resolution proceedings (CIRP) against the company.

NCLAT has ordered a stay on the formation of the committee of creditors (COC) in the insolvency and bankruptcy code proceedings against OHHPL, the subsidiary of Oyo's parent company Oravel Stays.

The Ahmedabad bench of the NCLT had ordered commencement of the corporate insolvency resolution proceedings (CIRP) against Oyo Hotels & Homes based on an application filed by an operational creditor, claiming that the company had not paid dues of Rs 16 lakh. The proceedings were initiated under the Insolvency and Bankruptcy Code (IBC).

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