New Delhi: OYO Hospitality Company on Wednesday said the national law of the Appellate Tribunal (NCL) law has enabled its application to override the bankruptcy case against its subsidiary ohhpl and has banned the intervention of external parties.
“Nclat today passed the order, concluded that the ongoing bankruptcy case against OYO subsidiary, Oyo Hotels and Homes Private Limited (OHHPL),” Oyo said in a statement.
The order of the appellate tribunal prohibits the intervention of external parties, including the Federation of Hotels & Restaurant Association (FHRAI), he added.
Oyo will continue to work with hotel partners for the closure of the delayed claim, the statement said.
“We welcome Nclat’s decision and that this problem has finally been placed to rest.
We have chosen with the original Plaintiff but the next intervention with personal interests that are not parties for this case have postponed its closure,” Oyo India & Southeast said CEO of Asia Rohit Kapoor.
Countsels of Oyo, Khait & Co.
said, it was a direct case where the two parties involved had resolved this problem and there was no room for any intervention which had now been enforced by NClat too.
Throughout this problem, Oyo has come and committed to working with all related stakeholders including R K Yadav, the statement added.
The advice of K CityV, Srinivas Kotni from Lexport, said, “The IBC case about Oyo Ohhpl’s subsidiary at NCLT Ahmedabad is fully completed and the withdrawal application is executed.
Furthermore, my client acknowledged the receipt of RS 16 Lakh.” IBC here refers to bankruptcy and bankruptcy code.
Comments from FHRAI cannot be obtained when applying for stories.