NCLT admits insolvency plea against Oyo entity, company challenges order

Oyo has challenged the NCLT order initiating corporate insolvency proceedings against its entity, Oyo Hotels and Homes Pvt Limited. Oyo also rubbished bankruptcy rumours doing rounds online.

A plea for corporate insolvency proceeding has been admitted by the National Company Law Tribunal (NCLT) against a subsidiary of Soft Bank-backed Oyo Rooms. 3/3 pic.twitter.com/0Btp1aEpfP Oravel Stays Pvt Limited, the parent company Oyo Rooms, has challenged the NCLT order initiating insolvency proceedings against OYO Hotels and Homes Pvt Limited (OHHPL). The NCLT had admitted the insolvency plea against OHHPL on March 30, 20201, and it was filed by a creditor who claimed that OHHPL defaulted on a payment of Rs 16 lakh.