Siliguri-based hotelier challenges NCLAT order, appeals in SC against Oyo

A Siliguri-based hotelier has challenged the order of the National Company Law Appellate Tribunal (NCLAT), which gave a clean chit to Softbank-backed hospitality firm Oyo two months ago against an insolvency proceeding, in the Supreme Court.

The hearing is scheduled for September 13 before a two-judge bench consisting of Justice Indira Banerjee and Justice JK Maheshwari.

"The appeal is challenging the order of the NCLAT whereby it had permitted the withdrawal of the corporate insolvency resolution that had been initiated against Oyo Hotel.

The court will either issue a notice staying the order of the NCLAT or dismiss the appeal out rightly. If it is dismissed, then the hotelier will be out of court but if it issues a notice, it will mean that the question of insolvency is still not off the table.

Even as the NCLAT had disallowed the intervention of hotel owners who had filed claims against the hospitality firm in July, it reserved their rights to approach Oyo for an out-of-the-court settlement.

Mona Agarwalla, director of Siliguri's Central Courtyard Resort, said she was in touch with Oyo. However, so far no settlement had been made. She has claimed a settlement of Rs 37 lakh.