You must have heard the name Oyo. Yes, a company that provides hotels to people online. News of the company’s bankruptcy has been going viral on social media for a few days. PDFs are also increasingly shared with text. Now Oyo founder and CEO Ritesh Agarwal has given his own clarification on this whole thing. He described the company’s bankruptcy as unfounded.
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This is what the company owners have said in this regard
Immediately after news of Oyo’s bankruptcy went viral on social media, company CEO Ritesh Agarwal tweeted one after another. He wrote, ‘News of the company’s bankruptcy through PDF and text messaging is going viral on social media. It is completely unfounded. The whole case was made by an affiliate of OYO for Rs 16 lakh. Against whom we have applied. He said, ‘We have already paid this amount. Oyo corona is also gaining momentum during the epidemic. ‘
There is a PDF and text message stating that OYO filed for bankruptcy. This is completely false and inaccurate. The claimant requests INR 16 lakh (USD 22K) from a subsidiary of OYO, which will result in the application at NCLT. 1/3
– Ritesh Agarwal (@rithyshagar) April 7, 2021
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What is the whole thing
In fact, the whole matter is a petition filed against the parent company of Oyo Holtas. The National Company Law Tribunal has approved a petition to initiate a corporate bankruptcy proceeding against Oyo Group of Companies. Of this, Oyo owes Rs 16 lakh to the borrower by April 15. The company has filed a petition against it. A company spokesperson said, “We are surprised that the NCLT has applied for a controversial contract of Rs 16 lakh against OIL, a subsidiary of Oyo.” The NCLT has appointed senior lawyer Jagdish Bhai Shah as an interim professional choice over the entire issue. After this whole episode, news of the company’s bankruptcy is being shared on social media.