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Delhi HC sets aside arbitral tribunal order entitling Zostel stake in OYO
The court allowed OYO's plea under Section 34 of the Arbitration Act, setting aside the 2021 tribunal ruling that Zostel could seek up to 7% stake in Oravel Stays
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The Delhi High Court on Tuesday set aside an arbitral award that had entitled Zostel to up to a 7 per cent stake in Oravel Stays, the parent company of OYO.
A single-judge Bench of Justice Sachin Datta passed the order in response to a petition filed by OYO under Section 34 of the Arbitration and Conciliation Act, 1996. Section 34 outlines the procedure for challenging an arbitral award in court.
The arbitral award, passed on 6 March 2021, had ruled that Zostel was entitled to specific performance of OYO's obligations under a term sheet but did not direct the
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