New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Wednesday allowed withdrawal of the Oyo insolvency case, in a major setback to scores of hoteliers who had filed claims against Oyo Hotels & Homes basis the proceedings.
The order was passed in the matter concerning Oyo and hotelier Rakesh Yadav. Oyo reached an out of court settlement with Yadav but scores of hoteliers had approached the National Company Law Tribunal (NCLT) with claims against the company that were said to be upwards of Rs 200 crore.
The Ahmedabad bench of the NCLT had ordered commencement of the corporate insolvency resolution proceedings (CIRP) against Oyo Hotels & Homes based on the application filed by Yadav. The proceedings were initiated under the Inso…
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