In a surprising development, OYO has filed for bankruptcy under IBC 2016. The NCLT has ordered the beginning of a corporate insolvency resolution process of OYO Hotels and Homes Private Limited.
OYO spokesperson said that insolvency resolution petition filed by creditor on basis of contractual dispute of Rs 16 lakh. It is learnt that the corporate insolvency resolution process of Oyo Hotels and Homes was issued by Ahmedabad branch of NCLT on March 30.
The statement read, “Notice is given that the National Company Law Tribunal has orderd the commencement of a corporate insolvency resolution process of the OYO Hotels and Homes Private Limited on March 30, 2021.”
“The creditors of M/S OYO Hotels and Home Pvt Limited are called upon to submit their claims with proof on or before April 15th, 2021 to the interim resolution professional at the address mentioned against entry no 10.”
“The financial creditors shall submit their claims with proof by electronic means only. All other creditors may submit the claims with proof in person, by post or by electronic means.”
Few days ago, OYO had said that it will pay for COVID-19 vaccination cost for all its employees and their family members in India.
OYO had released a statement saying that the employees and their family members in India can get the vaccination done at any centre and the company will reimburse the money to them.