NCLAT allows plea for setting aside insolvency case against Oyo arm
New Delhi, July 7
Hospitality firm Oyo on Wednesday said the National Company Law Appellate Tribunal (NCLAT) has allowed its plea for setting aside the insolvency case against its subsidiary OHHPL and has disallowed intervention of external parties.
“The NCLAT today passed an order concluding the ongoing insolvency case against Oyo’s subsidiary Oyo Hotels and Homes Private Limited (OHHPL),” Oyo said in a statement.
The appellate tribunal’s order disallowed the intervention of external parties, including Federation of Hotel & Restaurant Associations of India, it added.
“We welcome the decision of NCLAT and that the matter has finally been laid to rest. We had already settled with the original claimant but subsequent interveners with vested interests who were not a party to the case had delayed its closure,” Oyo India & Southeast Asia CEO Rohit Kapoor said. — PTI
