InvestorQ : Is it true that Oyo Rooms is filing for bankruptcy at the NCLT?
Dhwani Mehta made post

Is it true that Oyo Rooms is filing for bankruptcy at the NCLT?

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Dilmini Mercia answered.
8 months ago
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I think the OYO Rooms chairman, Ritesh Agarwal, has himself clarified that there is no question of Oyo Rooms filing for bankruptcy. What actually happened was that the NCLT admitted an insolvency plea against a division of Oyo Rooms by a Gujarat based creditor for a payment default of a relatively small sum of Rs.16 lakh.

Oyo has filed a counterplea with the NCLT Appellate Tribunal or NCLAT. Oyo has paid the amount under protest, even as it had filed a counterplea with NCLAT. NCLT has given time till 15 April to Oyo to file its response. Oyo was also hit hard by the pandemic and lockdown. However, Ritesh has clarified that the gross margins have reached pre-COVID levels.

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