The National Company Law Appellate Tribunal has ordered a stay on the formation of committee of creditors (COC) and claimant draws in the insolvency case against Oyo’s subsidiary Oyo Hotels and Homes Pvt Ltd (OHHPL).
“The NCLAT provided a stay for the formation of COC in IBC proceedings against OHHPL, a subsidiary of OYO. OHHPL appealed the order in front of NCLAT and explained that a demand draft of Rs 16L was issued to the claimant under protest and the claimant has willingly banked the DD,” the company said in a statement.
The firm was accused by a Gurgaon hotelier for defaulting on payments and violating an agreement that required it to operate and maintain the hotel under the brand Oyo.
NCLAT in its March 30 order had directed all the creditors of Oyo’s subsidiary to submit its claims by April 15 so as to initiate the corporate insolvency proceeding.
On April 7, the firm had challenged and appealed the order in front of NCLAT on April 7.