The National Company Law Appellate Tribunal (NCLAT) effectively stayed the INR 168.88 Cr penalty imposed by the Competition Commission of India (CCI) on hospitality major OYO on Tuesday (November 22).

While hearing OYO’s interim application for an immediate stay of the penalty, the NCLAT also ordered the hospitality giant to pay a deposit of 10% of the penalty before hearing the appeal. The FHRAI, the industry body, applauded the decision, calling it “yet another positive step.” OYO was fined INR 168.88 Cr by the CCI in October for anti-competitive practises.

The National Company Law Appellate Tribunal (NCLAT) effectively stayed the INR 168.88 Cr penalty imposed by the Competition Commission of India (CCI) on hospitality major OYO on Tuesday (November 22).

While hearing OYO’s interim application for an immediate stay of the penalty, the NCLAT also ordered the hospitality giant to pay a deposit of 10% of the penalty before hearing the appeal. The FHRAI, the industry body, applauded the decision, calling it “yet another positive step.” OYO was fined INR 168.88 Cr by the CCI in October for anti-competitive practises.