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OYO did not apply for bankruptcy, clarifies CEO

Shortpedia

Content Team
Image Credit: Shortpedia

Several news reports said that Hospitality firm OYO has applied for bankruptcy under IBC 2016. However, the company's CEO Ritesh Agarwal denied claims via a series of tweets and said that OYO has not filed for bankruptcy. THe NCLT order pertains to the Ahmedabad entity and not exactly for Oravel Stays Pvt Ltd. Agarwal has also pasted a document on twitter, stating that the company has challenged NCLT order against its subsidiary.