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.