NCLAT stays CCI’s Rs 169 cr penalty on Oyo, orders deposit of amount’s 10%

The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed a Rs 169 crore penalty imposed on Oravel Stays Ltd by the competition commission of India (CCI).

Oravel Stays Ltd operates under the brand name Oyo.

However, a two-member NCLAT bench while admitting the appeal filed by Oravel Stays Ltd (OSL) directed to deposit of 10 per cent of the penalty amount within six weeks.

“The appeal is admitted subject to a deposit of 10 per cent of the penalty amount which must be deposited within a period of six weeks. Deposit should be in the form of FDR in favour of Registrar, NCLAT,” the order said.

The appellate tribunal has directed to list the matter on April 11, 2023, for the next hearing.