The National Company Law Tribunal (NCLT) has admitted Oyo Hotels and Homes Pvt. Ltd. (OHHPL), an Ahmedabad subsidiary of the Oyo Group, under the corporate insolvency resolution process after one of its hotel partners filed a Rs 16 lakh claim against the company. Rakesh Yadav had moved a petition under Insolvency & Bankruptcy Code to seek compensation on unpaid dues. The owner of a 21-room hotel in Gurgaon, Yadav had entered an exclusive agreement with OHHPL permitting his hotel to be operated under the Oyo brand. However, Yadav is now owed Rs 16 lakhs in dues, since OHHPL started defaulting on payments. According to an announcement on the website of the Insolvency and Bankruptcy Board of India, the NCLT has appointed Keyur Jagdishbhai Shah as the interim resolution professional (IRP), who will take over OHHPL and administer the corporate insolvency process under the Insolvency and Bankruptcy Code, 2016. Since the NCLT's order came into effect on April 1, OHHPL's operational and financial creditors can submit their claims against the company by April 14. Oyo Group CEO Ritesh Agarwal said the company has paid the amount "under protest", and has appealed to the appellate body National Company Law Appellate Tribunal (NCLAT). NCLT sides with Yadav despite Oyo claims According to their agreement, OHHPL would pay Yadav a "benchmark revenue" of Rs 450,000 by the 10th of each month. While OHHPL was regularly clearing dues between December 2018 to June 2019, it started defaulting on payments starting July 2019, dues which now…
- Inside an industry body’s alleged draft voluntary code of ethics for online real money gaming companies December 2, 2023
- India’s Consumer Protection Authority Notifies Guidelines For Dark Patterns, What’s New? December 1, 2023
- Tata Consultancy Services to pay $210 million in a trade secret row in the US December 1, 2023
- Indian Government Approves Scheme To Provide Drones To 15,000 Women Self Help Groups December 1, 2023
- Google agrees to pay news publishers in Canada December 1, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...