Every other hospitality company has dragged Indian unicorn OYO hotels and houses to the court docket for breach of settlement.
Instances of India mentioned that the Delhi-primarily based Pearl Hospitality and events have accused OYO of refusing to pay the quantity OYO allegedly owes for exiting the belongings and leaving behind their settlement.
The company has elaborated that it entered into a ‘management service settlement’ with OYO on September 4, 2019. As consistent with the settlement.
OYO had lock-in duration of 16 months from September 12, 2020.
If the enterprise decided to terminate the settlement earlier than this lock-in period, it would have to pay Pearl Hospitality a sure quantity.