NCLAT admits OYO s plea against commencement of insolvency
By IANS |
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The National Company Law Appellate Tribunal (NCLAT).. Image Source: IANS News
New Delhi, April 8 : The National Company Law Appellate Tribunal has admitted hospitality major OYO s plea against the admission of an insolvency plea against its subsidiary by the Ahmedabad-bench of NCLT.
OYO had moved the appellate tribunal on Wednesday after NCLT on March 30 ordered the commencement of the insolvency proceeding against OYO Hotels & Homes Private Ltd (OHHPL). The NCLT ordered the commencement of a corporate insolvency resolution process of the OYO subsidiary with effect from April 1, 2021.
The tribunal had directed OYO Hotels and Homes to submit its claims with proof on or before April 15 to the interim resolution professional.
NCLT admits insolvency plea against OYO arm; Co. moves NCLAT
By IANS |
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OYO reiterates commitment to upskill hospitality workforce. Image Source: IANS News
New Delhi, April 7 : The Ahmedabad-bench National Company Law Tribunal (NCLT) has admitted the insolvency application against OYO subsidiary, OYO Hotels & Homes Private Ltd (OHHPL).
Following the development, OYO has moved the National Company Law Appellate Tribunal (NCLAT) against the NCLT order.
An OYO spokesperson said: We are surprised to hear that the NCLT has admitted a petition against OHHPL a subsidiary of OYO for Rs 16 lakh in a contractual dispute, which dispute is not even with this subsidiary.