‘Completely unfaithful’: Founder Ritesh Agarwal denies studies of Oyo submitting for chapter

NEW DELHI: Oyo founder Ritesh Agarwal on Wednesday denied studies of the corporate submitting for chapter.
In a tweet, Agarwal mentioned: “There’s a PDF and textual content message circulating that claims Oyo has filed for chapter. That is completely unfaithful and inaccurate.”

He additional clarified that an operational creditor is looking for Rs 16 lakh from Oyo’s subsidiary, Oyo Inns & Houses Non-public Restricted (OHHPL) over non-payment of dues and the Nationwide Firm Regulation Tribunal (NCLT) has admitted his plea for company insolvency towards it.
Oyo has challenged the NCLT order moved towards its subsidiary within the Nationwide Firm Regulation Appellate Tribunal (NCLAT).
Ritesh additionally knowledgeable that the Rs 16 lakh underneath dispute has already been paid to the claimant underneath protest by the entity (apart from OHHPL) with whom the dispute was raised.
“We’re shocked to listen to that the Hon’ble NCLT has admitted a petition towards OHHPL, a subsidiary of Oyo, for Rs 16 lakh in a contractual dispute, which dispute is just not even with this subsidiary,” the corporate mentioned in an official assertion.
“Now we have filed an attraction. the matter is sub-judice and we might chorus from commenting additional on the deserves of the matter at this stage. Now we have sturdy religion and perception in our judicial system,” the assertion added.
E-commerce platform Flipkart had additionally confronted an analogous matter in February final 12 months the place a court docket for a small operational creditor had allowed the NCLT petition, however it was promptly put aside by the NCLAT, Oyo mentioned.

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