Relief for Oyo as NCLAT stays bankruptcy case

Sumary of Relief for Oyo as NCLAT stays bankruptcy case:

• Hospitality firm Oyo on Thursday said the National Company Law Appellate Tribunal (NCLAT) has ordered a stay on the formation of committee of creditors in proceedings under the Insolvency and Bankruptcy Code against its subsidiary Oyo Hotels and Homes Pvt Ltd (OHHPL)..
• Earlier, the National Company Law Tribunal (NCLT) had admitted a petition for initiating insolvency proceedings against OHHPL for recovery of Rs 16 lakh, an order that the hospitality firm challenged before the appellate tribunal on Wednesday..
• “Closing @riteshagar’s thread from yesterday – Today NCLAT has admitted our plea and ordered a stay for the formation of COC in IBC proceedings against OHHPL, an OYO subsidiary..
• In a tweet, Oyo founder and group CEO Ritesh Agarwal said, “I am so grateful to everyone for their support on social media since yesterday (Wednesday)..
• Thank you for discouraging misleadi… https://t.co/xI0AMmG2tu Agarwal on Wednesday had rubbished the reports that the company had filed for bankruptcy…

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From The Times of India - 09/04/2021