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Hyderabad hotel takes OYO to insolvency board

A Hyderabad-based hospitality company, Conclave Infratech has filed an insolvency petition against Oravel Stays Pvt Ltd, the owner of Oyo Rooms, under IBC 2016. A spokesperson from OYO said that the petition filed by the creditor is on the basis of contractual dispute of Rs 16 lakh. As per the latest reports, the Ahmedabad branch of National Company Law Tribunal (NCLT) ordered the insolvency resolution process of OYO Hotels and Homes Private Limited to begin on 30 March 2021. The lenders of Oyo rooms have been asked to submit claims with proof on or before April 15 to Keyur Shah, the interim resolution professional.

Know more: Bloomberg Quint Twitter | OYO Rooms CEO Ritesh Agarwal Twitter

Read more: Economic Times | YourStory | Business Insider

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Avantika Yadav
23, Content Editor @HeadlineEnglish @HeadlineHindi