Hyderabad Company Moves Insolvency Plea Against OYO Hotels | Nearby News
logo
Civic Contacts
Home
Newsletters
Stories
Events
LifeStyle
Business
Administration
Politics
Entertainment
Startups

Hyderabad

Hyderabad Company Moves Insolvency Plea Against OYO Hotels
Hyderabad Company Moves Insolvency Plea Against OYO Hotels
N
Nishanth Kumar
Hyderabad
Wed Apr 07 2021
share via :
Hyderabad Company Moves Insolvency Plea Against OYO Hotels
A +
A -

Conclave Infratech, a Hyderabad-based hospitality company, which owns Conclave hotel has moved the National Company Law Tribunal's Ahmedabad chapter with an insolvency plea against Oravel Stays Pvt Ltd, the owner of Oyo Rooms. The company manages Conclave Hotel in its portfolio and it has unpaid dues to the tune of Rs 16 lakh to the hotel.

The National Company Law Tribunal admitted National Company Law Tribunal to the insolvency plea on March 30, 2021. The NCLT ordered the creditors of Oyo Hotels & Homes are hereby called upon to submit their claims before April 15 to the interim resolution professional. However, Oyo has filed an appeal citing technical issues.

Ritesh Agarwal, founder, and CEO of Oyo Rooms, in a series of tweets today clarified the matter. He said "There are a PDF and text message circulating that claims OYO has filed for bankruptcy. This is absolutely untrue and inaccurate. A claimant is seeking INR 16Lakhs (USD 22k) from OYO's subsidiary leading to a petition at NCLT.

"He further added that OYO has paid that amount under protest and the amount has already been banked by the claimant. "OYO has also appealed with the NCLAT about the matter. OYO is recovering from the pandemic steadily and our largest markets are operating profitably," he tweeted.

Get your local newspaper delivered to your Email at 7am everyday
Select City
Select City

FOLLOW US

Hyderabad Company Moves Insolvency Plea Against OYO Hotels
Hyderabad Company Moves Insolvency Plea Against OYO Hotels
Latest Articles
Major Restoration Activity of Step-wells on in the City
Major Restoration Activity of Step-wells on in the City
Migrant Workers Leave City Due To Fear of Lockdown Extension
Migrant Workers Leave City Due To Fear of Lockdown Extension
102 New Annapurna Canteens From May 14
102 New Annapurna Canteens From May 14
Traffic Jams and Long Queues Continue on The Second Day As Well
Traffic Jams and Long Queues Continue on The Second Day As Well
Relief Riders Come to the Rescue of the Needy During COVID
Relief Riders Come to the Rescue of the Needy During COVID
New Digital Auction Platform, Origo For Farmers
New Digital Auction Platform, Origo For Farmers
Vaccination Drive Faces the Blues of Lockdown as the State sees Record Low Jabs
Vaccination Drive Faces the Blues of Lockdown as the State sees Record Low Jabs
Home Chef's In-Demand for Haleem as Ramzan Comes to an End.
Home Chef's In-Demand for Haleem as Ramzan Comes to an End.
Hyderabad Ranked Fifth out of Eight Cities in Health Infra Report By Housing.com
Hyderabad Ranked Fifth out of Eight Cities in Health Infra Report By Housing.com
City's Olympians Saina Nehwal and Kidambi Srikanth Out Of Tokyo 2020?
City's Olympians Saina Nehwal and Kidambi Srikanth Out Of Tokyo 2020?
Related Articles
Major Restoration Activity of Step-wells on in the City
Major Restoration Activity of Step-wells on in the City
Migrant Workers Leave City Due To Fear of Lockdown Extension
Migrant Workers Leave City Due To Fear of Lockdown Extension
102 New Annapurna Canteens From May 14
102 New Annapurna Canteens From May 14
Traffic Jams and Long Queues Continue on The Second Day As Well
Traffic Jams and Long Queues Continue on The Second Day As Well
Vaccination Drive Faces the Blues of Lockdown as the State sees Record Low Jabs
Vaccination Drive Faces the Blues of Lockdown as the State sees Record Low Jabs
Home Chef's In-Demand for Haleem as Ramzan Comes to an End.
Home Chef's In-Demand for Haleem as Ramzan Comes to an End.
Hyderabad Ranked Fifth out of Eight Cities in Health Infra Report By Housing.com
Hyderabad Ranked Fifth out of Eight Cities in Health Infra Report By Housing.com
City's Olympians Saina Nehwal and Kidambi Srikanth Out Of Tokyo 2020?
City's Olympians Saina Nehwal and Kidambi Srikanth Out Of Tokyo 2020?
110 year old Defeats Covid and Tests Negative
110 year old Defeats Covid and Tests Negative
Hyderabad and Bangalore Buzzing with Jobs in Monsters Employment Index
Hyderabad and Bangalore Buzzing with Jobs in Monsters Employment Index
Schools in the City Revive The Magic of Movie Time Virtually.
Schools in the City Revive The Magic of Movie Time Virtually.
Cabbies Hit By Another Thunderbolt
Cabbies Hit By Another Thunderbolt
Hyderabadis Make The Most Of The Four-hour Relaxation
Hyderabadis Make The Most Of The Four-hour Relaxation
Old City Wears a Deserted Look After a Crowded Morning
Old City Wears a Deserted Look After a Crowded Morning
Here's How You Can Travel in and Outside of the State During Lockdown
Here's How You Can Travel in and Outside of the State During Lockdown
LPG Delivery in GHMC Getting Harder with Delivery Boys Testing COVID Positive
LPG Delivery in GHMC Getting Harder with Delivery Boys Testing COVID Positive
Subscribe to our Newsletter
Get your local newspaper delivered to your Email at 7am everyday
Select City
Select City
logo
nearby news
hi@nearbynews.in
Gachibowli, Hyderabad - 500032
nearby news © - 2021