BENGALURU : The National Company Law Appellate Tribunal (NCLAT) has allowed the withdrawal of the ongoing insolvency case against Oyo Hotels and Homes Pvt. Oyo will continue to work closely with its hotel partners for the closure of any pending claims, it said. This has come as a setback to multiple hoteliers who had approached the NCLAT with claims of defaults by the company. The Federation of Hotel and Restaurant Associations of India (FHRAI) had said in May that it was allowed by NCLAT to act on behalf of the affected hotel owners in the insolvency case against Oyo’s subsidiary. Oyo and Yadav settled the matter out of court in June, but NCLAT continued to hear the matter, based on claims of other creditors.

Source: Mint July 07, 2021 15:11 UTC