OYO insolvency withdrawal stalled; FHRAI to intervene

In the latest hearing of the Oyo Insolvency case before the National Company Law Appellate Tribunal (NCLAT), the Tribunal has allowed the intervention of Federation of Hotel & Restaurant Associations of India (FHRAI) on behalf of hotels. The FHRAI has intervened on behalf of its member hotels that are operational creditors who are suffering hugely on account of non-payments of debt by Oyo. FHRAI members have filed claims before the IRP of around Rs93 crore and the Association expects more hotels to submit their claims before the next hearing on June 21, 2021.