Gurugram-based hotelier Rakesh K Yadav, who filed a plea with the The National Company Law Tribunal against a unit of hospitality firm Oyo, has withdrawn the case after resolving issues with the company. “After open discussion with teams from Oyo and its subsidiaries, I fully withdraw the case and confirm that all issues are resolved. I also acknowledge the receipt of Rs 16 lakh under the MSA (master service agreement) with MTH. I have observed in my interactions that Oyo and its employees are always committed to professional conduct and business practices. I am thankful for Oyo s innovative business model and technology that has enabled the growth of small and medium hotels of India,” Yadav said.
NCLAT orders stay in insolvency proceedings against Oyo's subsidiary timesnownews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timesnownews.com Daily Mail and Mail on Sunday newspapers.
The
National Company Law Tribunal (NCLT) has admitted a petition for the commencement of corporate insolvency proceedings against
OYO Hotels and Homes Pvt Ltd (OHHPL),
a subsidiary of Oyo Group, on March 30, 2021 over the plea filed by its creditor Rakesh Yadav,
YourStory has learnt.
YourStory,
OYO Group said it has filed an appeal with the National Company Law Appellate Tribunal (NCLAT), challenging the NCLT order against its subsidiary, OHHPL, for an amount of Rs 16 lakh. The company also said the Rs. 16 lakh disputed amount has already been paid to the claimant under protest by the entity with whom the dispute was raised (other than OHHPL).
NCLT Initiates Insolvency Proceedings Against OYO Hotels and Homes moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.