NCLAT To Continue Hearing Insolvency Plea Against OYO, Despite Company’s Settlement With First Creditor
However, OYO had appealed for a stay on the insolvency proceedings in the NCLAT on April 8 following which the NCLT provided a partial stay order on the proceedings. Although the Corporate Insolvency Resolution Process (CIRP) against OYO subsidiary OHHPL continues in the tribunal court. The claimants also pointed out that despite an ongoing insolvency case against OYO, “shockingly on April 30, 2021, Respondent No. They further pleaded the court to carry forward the insolvency proceedings despite the main party withdrawing the case. Hotel partners working with OYO had earlier taken the hospitality startup to court in June 2020 over alleged non-payment of dues.