OYO has also made an out of the court settlement with the original party, Rakesh Yadav.
The CEO and founder of Oyo Hotels, Ritesh Agarwal
In a major disappointment to scores of hoteliers who had filed claims against Softbank-backed OYO Hotels’ subsidiary following an insolvency petition against the company, the National Company Law Appellate Tribunal (NCLAT) on July 7, disallowed their intervention in effect closing the case against the hospitality firm.
“Their (OYO) application for withdrawal has been allowed and our intervention applications have been disallowed,” said lawyers of one of the hoteliers requesting anonymity.
However, it provided a little breather to the creditors by reserving their right to approach the corpora…
Read the full article at: https://www.moneycontrol.com/news/business/startup/just-in-nclat-dismisses-hoteliers-claims-against-oyo-7138061.html
