Insolvency proceedings against OYO Hotels and Homes Pvt Ltd (OHHPL) have been dismissed by the National Company Law Appellate Tribunal (NCLAT) despite multiple hoteliers claiming unpaid debts by the company.
Why was OYO undergoing insolvency proceedings?
OYO was undergoing insolvency proceedings over a Rs 16-lakh claim made by a Gurgaon-based hotelier against the company.
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The Ahmedabad Bench of the National Company Law Tribunal admitted the petition to initiate insolvency proceedings in April and appointed an interim resolution professional (IRP) and permitted the IRP to start collating creditor claims. OYO, however, said the issue with the operational creditor was a con…
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