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Rakesh K Yadav, who filed a plea with the The National Company Law Tribunal against a unit of hospitality firm Oyo, has withdrawn the case after resolving issues with the company.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.
Claims of Rs 160 crore filed against Oyo subsidiary as NCLAT refuses to stay corporate insolvency proceedings
9 hours ago
Creditors have submitted claims for Rs 160 crore from Oyo subsidiary Oyo Hotels and Homes Pvt. Ltd. (OHHPL), against which a corporate insolvency proceeding began earlier this month under the directions of the National Company Law Tribunal. This was first reported by Entrackr.
On April 7, the NCLT had admitted OHHPL under the corporate insolvency resolution process after one of its hotel partners filed a Rs 16 lakh claim against the company. The petition to begin insolvency proceedings was filed by Rakesh Yadav, who was owed Rs 16 lakhs in dues, since OHHPL started defaulting on payments. The tribunal had asked OHHPL’s creditors to file their claims with proof to Keyur J Shah, the appointed interim resolution professional by April 15.
Why The NCLT Admitted An Insolvency Plea Against OYO Hotels
Apr 07 2021, 9:31 PM
April 07 2021, 9:31 PM
April 07 2021, 9:31 PM
A dispute over a Rs 16 lakh payment between Oyo Hotels & Homes Pvt. and a Gurgaon-based hotel owner has led to the initiation of insolvency proceedings against the Oyo subsidiary. The company runs hotel rooms and vacations home rentals across 80 countries.The National Company Law Tribunal, Ahmedabad, found that the petition by Rakesh Yadav, owner of Yellow White Residency hotel, fulfilled the conditions under the Insolvency and Bankr.
A dispute over a Rs 16 lakh payment between Oyo Hotels & Homes Pvt. and a Gurgaon-based hotel owner has led to the initiation of insolvency proceedings against the Oyo subsidiary. The company runs hotel rooms and vacations home rentals across 80 countries.