News By/Courtesy: Parimala Ronanki | 10 Apr 2021 18:59pm IST

HIGHLIGHTS

  • Oyo approached NCLAT
  • accusation on Oyo to pay debt.
  • NCLT has accepted the petition.

The hospitality chain that is the Oyo went to NCLAT that is national company law appellate tribunal. Generally, when a company losses the case in NCLT that is national company law tribunal than they approach NCLAT. So what happened here is a subsidiary company Oyo that is Oyo hotels and homes private limited. Against this subside an insolvency petition was filled in the Ahmedabad NCLT bench. The NCLT admitted the petition of purveyors who claimed to have not been paid Rs. 16 lakh by Oyo. So, regarding this, the person went to Ahmedabad and filed against an order of NCLT admitting an insolvency petition. In 2016 in our country insolvency and bankruptcy code has come. This code has made things much easier. If any company is not working well and if that company has taken a lot of debt and unable to pay the debt, then through NCLT this problem can be solved. In this way, the supplier went to NCLT and claimed the price to be paid. so, here the Ahmedabad bench of NCLT on April 1st had admitted the case and NCLT asked all the creditors to submit their claims with proof on or before April 15th, and here, Oyo's saying is that they have already paid the amount. So, now the Oyo due acceptance of the petition by the NCLT has gone to NCLAT and filled a petition against NCLT. And regarding this petition, Oyo had given a clear statement saying that whatever petition that has been filed is not against the complete Oyo group it was regarding the subsidiary that has been accepted by the bench on that we have filed a petition in NCLAT. Concerning this Ritesh Agarwal also twitted. But still, now, the Ahmedabad bench did not give any judgment yet, there are still proceedings are pending. after all the proceedings and hearing then the judgment will be given. Oyo on the acceptance of the case by the NCLT also gave an example saying that this is not the first time the case is accepted by the NCLT but later which was struck down by the NCLAT. Not the first time- OYO. In 2020, as an example, Hyderabad-based meeting Infratech had reportedly filed associated in economic conditions an application against OYO’s parent company oravel stays Pvt ltd over unpaid dues. Oyo has been in the cross-hairs of some of its hotel partners. These edifice partners alleged that Oyo is following unfair business practices, and a bunch of them have snapped ties with the building chain over the past two three years.

 

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being. Further, despite all efforts that have been made to ensure the accuracy and correctness of the information published, 5thVoice.News shall not be responsible for any errors caused due to human error or otherwise.

Section Editor: 5thVoice.News | 12 Apr 2021 5:00am IST


Tags : #Oyo#claim#insolvency and bankruptcy

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