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Zostel Hospitality Private Ltd vs Oravel Stays Limited (Earlier Oravel ... on 14 March, 2022

Author: Manmohan

Bench: Manmohan, Sudhir Kumar Jain

                          $~132
                          *     IN THE HIGH COURT OF DELHI AT NEW DELHI

                          +     FAO(OS) (COMM) 58/2022

                                ZOSTEL HOSPITALITY PRIVATE LTD.           ..... Appellant
                                             Through: Mr. Abhishek Malhotra, Advocate with
                                                     Ms. Shilpa Gamnani and Ms. Atmaja
                                                     Tripathy, Advocates.

                                                   versus

                                ORAVEL STAYS LIMITED (EARLIER ORAVEL
                                STAYS PRIVATE LIMITED) & ANR.              ..... Respondents
                                             Through: Mr. Rajiv Nayar, Senior Advocate with
                                                     Ms. Anuradha Dutt, Mr. Lynn Pereira,
                                                   Mr. Avimukt Dar, Mr. Mayank Mishra,
                                                   Ms. Suman Yadav, Mr. Haaris Fazili,
                                                   Ms. Vaishnavi Rao, Mr. Ayush Dhawan,
                                                   Mr. Kunal Dutt, Ms. Shivangi Sud and
                                                   Ms. Prerna Sharma, Advocates.

                                CORAM:
                                HON'BLE MR. JUSTICE MANMOHAN
                                HON'BLE MR. JUSTICE SUDHIR KUMAR JAIN

                                             ORDER

% 14.03.2022 Caveat 47/2022 Since the caveator has entered appearance, present caveat stands disposed of.

CM Appls. 11478-11479/2022 (for exemption) Allowed, subject to all just exceptions.

Accordingly, present applications stands disposed of.

FAO(OS)(COMM) 58/2022 & CM Appl. 11477/2022 Present appeal has been filed challenging the judgment and order dated 14th February, 2022 passed by the learned Single Judge in OMP(I)(COMM) 290/2021.

On the last date of hearing, learned counsel for the parties had taken time to amicably resolve the matter.

Today, learned counsel for the parties are in agreement that a consensual order be passed.

Accordingly, with the consent of parties, instead of the impugned judgment and order, it is directed that in the event the respondents' Section 34 petition under the Arbitration and Conciliation Act, 1996 is dismissed and the appellant's Section 36 petition is allowed, then the appellant shall either be issued upto 7% shareholding of respondent No.1 or shall be paid value of the said shareholding.

With the consent of the parties, it is directed that the learned Single Judge while deciding Sections 34 and 36 petitions shall not be influenced by any observation or finding rendered in the impugned order.

It is further clarified that the aforesaid arrangement shall abide by the final order to be passed in Sections 34 and 36 petitions filed by the parties.

It is also clarified that in the event the parties are aggrieved by the order of the learned Single Judge, they shall be at liberty to file appropriate proceedings in accordance with law.

It is agreed that the appellant shall neither publicise nor communicate the present order to any statutory authority.

Learned senior counsel for the respondent assures and undertakes to this Court that the present order shall be communicated to the SEBI.

Recording the aforesaid consent and binding the parties to the said consent, the present appeal stands disposed of.

MANMOHAN, J SUDHIR KUMAR JAIN, J MARCH 14, 2022 js/AS Signature Not Verified Signed By:JASWANT SINGH RAWAT Signing Date:16.03.2022 10:09:16