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NCLAT orders OYO to deposit 10 per cent of fine imposed by CCI

Posted : 23 November 2022 11:54:55 | By TWO Bureau | GNN Bureau

NCLAT orders OYO to deposit 10 per cent of fine imposed by CCI

The National Company Law Appellate Tribunal (NCLAT) has asked Oravel Stays, owners of budget hotel aggregator OYO, to deposit 10 per cent of the penalty levied by the Competition Commission of India (CCI) before it hears the appeal filed by the company questioning the order of the CCI.



“The latest development of NCLAT ordering OYO to deposit 10 per cent of the total fine of Rs 168 crore imposed by the CCI is yet another positive step in the interest of the hospitality sector in the country. As a result, OYO is now required to pay close to Rs 17 crore as initial monetary fine to ensure hearing of their appeal in the NCLAT,” said Jaison Chacko, Secretary General, Federation of Hotel & Restaurant Associations of India (FHRAI).



“FHRAI will continue to pursue the matter further for the benefit of thousands of small and budget hotels in the country and to discipline the OTAs in the new digital era so as to ensure a fair market, healthy competition and a level playing field for all stakeholders,” he added.




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Tags : #NCLAT, #OYO, #FINE, #FHRAI,


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