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The National Company Law Appellate Tribunal (NCLAT) has ordered a stay on the formation of Committee of Creditors (CoC) in the insolvency proceedings against OYO Hotels and Homes Pvt Ltd (OHHPL), a subsidiary of hospitality unicorn OYO.
This comes in response to OYO challenging the recent National Company Law Tribunal (NCLT) order for commencement of insolvency proceedings against OHHPL over a dispute of ₹16 lakh.
“The NCLAT provided a stay for the formation of CoC in IBC proceedings against OHHPL, subsidiary of OYO. OHHPL appealed the order in front of NCLAT and explained that a demand draft of ₹16 lakh was issued to the claimant under protest and the claimant has willingly banked the DD,” said a statement by a OYO spokesperson.
It maybe recalled that NCLT had, on March 30, admitted the insolvency plea, filed by creditor Rakesh Yadav contending that OHHPL defaulted for an amount of ₹16 lakh. OYO had challenged this NCLT order before NCLAT on April 7.
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