Induslaw Advised To OYO Wins Case Against Zostel
Induslaw Advised To OYO Wins Case Against Zostel
It’s a victory with potential precedent-setting implications for arbitration and transactional law
IndusLaw has represented OYO (Oravel Stays Ltd) in a dispute with Zostel Hospitality Pvt Ltd on a proposed mergers and acquisitions (M&A) transaction.
The matter pertained to a non-binding term sheet of OYO's potential acquisition of Zostel's business, which ended in disagreements between the entities.
The arbitral tribunal erroneously granted specific performance of the non-binding term sheet.
Indus Law represented OYO before the arbitral tribunal and subsequently as co-counsel before the Delhi High Court in a Section 34 petition challenging the award, which the court has rejected.
OYO’s win is likely to establish a strong precedent on international arbitration and transactional law.
The IndusLaw team representing OYO comprised Delhi disputes Partner Mayank Mishra and Senior Associate Prerna Sharma. The firm's Founding and Senior Partner, Avimukt Dar, guided the matter for a decade.
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