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NCLT admits corporate insolvency proceedings against Oyo’s Ahmedabad subsidiary

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…

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