OYO denies bankruptcy reports
The Hindu
Ritesh Agarwal, the founder and CEO of OYO on Wednesday denied reports that the hospitality start-up has filed for bankruptcy. The reports followed a petition admitted in NCLT for ₹16 lakh in contract
Ritesh Agarwal, the founder and CEO of OYO on Wednesday denied reports that the hospitality start-up has filed for bankruptcy. The reports followed a petition admitted in NCLT for ₹16 lakh in contractual dispute against one of the subsidiaries of OYO. Reacting to a series of tweets and a document circulated on social media, Mr Agarwal in a tweet said, “There is a PDF and text message circulating that claims OYO has filed for bankruptcy. This is absolutely untrue and inaccurate. A claimant is seeking INR 16Lakhs (USD 22k) from OYO’s subsidiary leading to a petition at NCLT.” He added that OYO has paid the amount, which has already been banked by the claimant “under protest”. OYO has challenged the NCLT order against its subsidiary (OHHPL) for the amount of ₹16 lakh.
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