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Our firm represented Oravel Stays Ltd (“OYO”) in connection with a dispute with Zostel Hospitality Pvt Ltd (“Zostel”), arising from a proposed M&A transaction.
The dispute centred around a non-binding term sheet relating to OYO’s potential acquisition of Zostel’s business, which did not result in any definitive agreements. The arbitral tribunal erroneously granted specific performance of the non-binding term sheet.
We represented OYO before the Arbitral Tribunal and subsequently as co-counsel before the Hon’ble Delhi High Court in a Section 34 Petition challenging the Award. The Delhi High Court recently pronounced a judgment setting aside the Award.
A copy of the Judgment is awaited, and it is expected that this win by OYO will establish a strong precedent applicable to both international arbitration law as well as transactional law and practice.
INDUSLAW Team:
The IndusLaw team comprised our Delhi disputes Partner Mayank Mishra, and Senior Associate Prerna Sharma. Our Founding and Senior partner Avimukt Dar provided his strategic guidance to OYO and IndusLaw teams throughout the life of this matter lasting nearly a decade.