OYO Challenges NCLT Insolvency Proceedings Against Subsidiary; Claims Settlement
India, April 7 -- The National Company Law Tribunal (NCLT) today (Wednesday, April 07, 2021) has agreed to hear an insolvency plea filed by a OYO hotel partner named Conclave Infratech. However, in response, OYO has said that it has already challenged the NCLT proceedings and also claimed to have settled the outstanding INR 16 Lakh, as disputed by the Hyderabad-based hotel group.
Conclave Infratech, which owns and manages 'The Conclave' group of hotels, had earlier filed an insolvency plea against OYO subsidiary OYO Hotels and Homes Private Limited (OHHPL).
According to the notification by the Insolvency Bankruptcy Board Of India (IBBI), an Interim Resolution Professional (IRP) has already been appointed to lead the insolvency proceedin...
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