OYO files for bankruptcy under IBC 2016

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New Delhi: OYO filed for bankruptcy under IBC 2016. Oyo has been taken to insolvency board by Hyderabad hotel.

A Hyderabad-based hospitality company has filed an insolvency plea against Oravel Stays Pvt Ltd, the owner of Oyo Rooms.

According to OYO spokesperson, insolvency resolution petition filed by creditor on basis of contractual dispute of Rs 16 lakh.

Ahmedabad branch of NCLT ordered corporate insolvency resolution process of Oyo Hotels and Homes on March 30.

The statement read, “Notice is given that the National Company Law Tribunal has orderd the commencement of a corporate insolvency resolution process of the OYO Hotels and Homes Private Limited on March 30, 2021.”

“The creditors of M/S OYO Hotels and Home Pvt Limited are called upon to submit their claims with proof on or before April 15th, 2021 to the interim resolution professional at the address mentioned against entry no 10.”

“The financial creditors shall submit their claims with proof by electronic means only. All other creditors may submit the claims with proof in person, by post or by electronic means.”

Earlier, Hospitality firm OYO said that it will cover COVID-19 vaccination cost for all its employees and their family members in India.

The employees and their family members in India can choose to get the vaccination done at any centre, convenient to them and the costs would be reimbursed in full by the company, OYO said in a statement.

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