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Claims of Rs 160 crore filed against Oyo subsidiary as NCLAT refuses to stay corporate insolvency proceedings

Creditors have submitted claims for Rs 160 crore from Oyo subsidiary Oyo Hotels and Homes Pvt. Ltd. (OHHPL), against which a corporate insolvency proceeding began earlier this month under the directions of the National Company Law Tribunal. This was first reported by Entrackr. On April 7, the NCLT had admitted OHHPL under the corporate insolvency resolution process after one of its hotel partners filed a Rs 16 lakh claim against the company. The petition to begin insolvency proceedings was filed by Rakesh Yadav, who was owed Rs 16 lakhs in dues, since OHHPL started defaulting on payments. The tribunal had asked OHHPL's creditors to file their claims with proof to Keyur J Shah, the appointed interim resolution professional by April 15. OHHPL had challenged the NCLT's order with the National Company Law Appellate Tribunal, which on April 8 stayed the formation of the committee of creditors (CoC). However, the tribunal did not stay the corporate insolvency resolution process, permitting people to submit their claims. The IRP may not constitute Committee of Creditors till the next date. In the meantime, the ‘Interim Resolution Professional’ will ensure that the company remains going concern and will take assistance of the (suspended) Board of Directors. - NCLAT's April 8 order  Keyur Shah told the court that claims of Rs 160 crore had been submitted. The claims have been received from both financial and operational creditors, per the NCLAT's order. According to Entrackr, OHHPL has accused Yadav of soliciting and influencing its other hoteliers, hotel partners,…

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