Did Oyo Rooms file for bankruptcy? Netizens say coronavirus is to be blamed

Several websites on Wednesday reported that OYO Rooms, an Indian hospitality chain of leased and franchised living spaces, has filed for bankruptcy. However, OYO Founder and CEO Ritesh Agarwal quickly responded to the reports and stated that the information was completely false. “There is a PDF and text message circulating that claims OYO has filed for bankruptcy. This is absolutely untrue and inaccurate,” he said in a tweet.

As soon as the false news broke, internet users rushed to Twitter to post their reactions. While some people were sad and blamed the coronavirus pandemic for OYO’s “bankruptcy”, others reacted via funny memes. Although after Agarwal’s clarification, people were relieved.

Take a look:

According to the company, it has paid Rs 16 lakhs under protest after a claimant sought the amount from OYO’s subsidiary in a petition filed in National Company Law Tribunal (NCLT). “OYO is recovering from the pandemic steadily and our largest markets are operating profitably,” Agarwal said in his tweet.