Insolvency proceedings against OYO arm stayed

New Delhi, April 8

Hospitality firm OYO on Thursday said the NCLAT has ordered a stay on the formation of committee of creditors in proceedings under the Insolvency and Bankruptcy Code against its subsidiary OYO Hotels and Homes Pvt Ltd (OHHPL). Earlier, the NCLT had admitted a petition for initiating insolvency proceedings against OYO for recovery of Rs 16 lakh. “Closing @riteshagar’s thread from yesterday - Today NCLAT has admitted our plea and ordered a stay for the formation of COC in IBC proceedings against OHHPL, an OYO subsidiary. The claimant has already drawn the Rs 16 lakh which we paid under protest,” OYO said in a tweet. PTI