#Bankruptcy

.New Delhi, Delhi, India
Several websites on Wednesday reported that OYO Rooms has filed for bankruptcy. (Photo Credit: Representational/ Unsplash)

  • OYO Rooms' founder Ritesh Agarwal stated that the information was completely false
  • Social media users were quick to react to the news
  • Many users blamed the coronavirus pandemic for OYO's "bankruptcy"

.New Delhi, Delhi, India
Several media reports on Tuesday said that OYO rooms filed for bankruptcy under IBC 2016. (Photo Credit: Unsplash/Representative)

  • The claims of bankruptcy are 'untrue and inaccurate,' OYO Rooms CEO said
  • A claimant is seeking Rs 16 lakhs from OYO's subsidiary that has led to a petition at the NCLT: Ritesh Agarwal
  • "OYO has paid that under protest and amount already banked by the claimant," CEO Riteish Agarwal said

.California City, CA, USA
Elon Musk, CEO of Tesla, became the richest person in the world earlier this year. (Photo Credit: AFP)

  • A picture of Tesla and SpaceX executive Elon Musk is doing rounds on Twitter
  • In the picture, Elon is seen passing out, holding a sign that says 'Bankwupt' 
  • The picture first went viral in 2018 as a prank played by the CEO himself on April Fool's Day

.Minneapolis, MN, USA
Christopher & Banks Corp is a Minneapolis-based clothing chain. (Photo Credit: Representative Image/Unsplash)

  • The company filed for Chapter 11 in the US Bankruptcy Court for the District of New Jersey
  • The company 'expects to close a significant portion, if not all, of its brick-and-mortar stores'
  • The company has launched a 'store closing and liquidation process'