The acquisition of the e-commerce platform TMON by Oasis Market, a grocery delivery company, has been approved by a local court.

The Seoul Bankruptcy Court said Monday that it approved the compulsory acquisition based on the rights protection provisions established for creditors in the rehabilitation plan put forth by Oasis.

Although the plan failed to obtain consent from a majority of creditors and was rejected during a meeting on June 20, the court said it was approving the plan because it complied with the principle of guaranteeing liquidation value, adding that it was backed by 59-point-47 percent of the creditors’ voting rights.

The court said it also took into consideration the fact that all the acquisition payments were paid through mergers and acquisitions made before the approval of the rehabilitation plan.

Additionally, the court pointed to Oasis’ ability to continue to run TMON’s business, which also helps guarantee worker retention.