Zostel, the backpacker hostels chain which was embroiled in a legal battle with Oyo for the last three years after merger talks broke down, claimed Sunday that it has won against Oravel Stays, which owns and operates hotel chain Oyo. Oyo however, refuted the claim.
"Hon’ble tribunal held that the term sheet between Zostel and OYO was a binding agreement. The order stated that OYO breached the term sheet by not executing definitive documents due to Oyo’s internal issue. The tribunal recognised that the transaction was consummated as ZO Rooms transferred the entire business in 2016," said Zostel in a statement.