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Breaking: OYO files for bankruptcy

In a stunning growth, OYO has filed for bankruptcy underneath IBC 2016. The NCLT has ordered the start of a company insolvency decision means of OYO Hotels and Homes Private Limited.
OYO spokesperson mentioned that insolvency decision petition filed by creditor on foundation of contractual dispute of Rs 16 lakh. It is learnt that the company insolvency decision means of Oyo Hotels and Homes was issued by Ahmedabad department of NCLT on March 30.
The assertion learn, “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 in the past, OYO had mentioned that it’ll pay for COVID-19 vaccination price for all its staff and their members of the family in India.
OYO had launched an announcement saying that the workers and their members of the family in India can get the vaccination finished at any centre and the corporate will reimburse the cash to them.

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