Oyo challenges bankruptcy case at NCLT

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.

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.