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OYO breathes easy as NCLAT orders a stay on insolvency proceedings against its subsidiary company
Sanchita DashApr 8, 2021, 15:06 IST
OYO blog
A Gurugram-based creditor had initiated insolvency proceedings and The National Company Law Tribunal had admitted the petition against OYO’s subsidiary
Oyo Hotels and Homes Pvt Ltd on April 7.
The National Company Law Appellate Tribunal (NCLAT) today stayed the proceedings against OYO’s subsidiary.
As initially it was misreported by a few media platforms as
OYO filing for bankruptcy, Agarwal had taken to Twitter to squash the rumours.As OYO battled with reports of bankruptcy, which it said was inaccurate, and received an outpouring of support from India’s startup ecosystem, the Ritesh Agarwal-led company heaved a sigh of relief today.
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OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win
OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win
Sanchita DashMar 8, 2021, 10:30 IST
BI India
Zo Rooms have been in a legal tussle for over three years now.
The dispute was over the merger between OYO and Zo Hostels, where the latter said it was denied its 7% shareholding in Oravel Stays, the parent company of OYO.
The tribunal said that Zo Rooms’ parent
Zostel Hospitality was entitled to claim relief and costs in the case, but acknowledged that definitive agreements weren’t executed.After a three-year long battle, the legal verdict on OYO Hotels and Homes and Zo Hostels is out, but both companies continue to sing their own tunes. The dispute was over the merger between OYO and Zo Hostels, where the latter said it was denied its 7% shareholding in Oravel Stays Pvt. Ltd, the parent company of the Ritesh Agarwal-led
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Although the Oyo-Zo Rooms deal failed to fructify, the arbitrator said claimant Zo Rooms parent, Zostel Hospitality, was entitled to claim relief in the form of allotment of shares from the respondent, Oyo parent Oravel Stays. The order also said Zo Rooms was entitled to claim costs of its case.
“The claimant cannot be held responsible for the acts and omissions of the respondent and/or its shareholders, by virtue of which some of the obligations could not be fulfilled by the claimant. This tribunal has held that claimant no. 1 is entitled to claim/pray for the relief of allotment of shares from the respondent to claimant nos. 2 to 17,” read the order.
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