The National Company Law Appellate Tribunal (NCLAT) has allowed the withdrawal of the ongoing insolvency case against its subsidiary OYO Hotels and Homes Private Ltd.(OHHPL), and in effect closing the proceedings against the company.
OYO in a statement said that it will continue to work closely with its hotel partners for the closure of any pending claims.
This has come as a setback to multiple hoteliers which had approached the NCLT, with claims of defaults by the company.
Mint has reviewed a copy of the order.
Earlier in May, industry body Federation of Hotel & Restaurant Associations of India (FHRAI) had stated in May that it was allowed by the NCLAT to act on behalf of the affected hotel owners in the insolvency case against OYOs…
Read the full article at: https://www.livemint.com/companies/news/nclat-allows-withdrawal-of-oyo-insolvency-case-11625670380454.html