National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by home-stay startup Stayzilla, against the insolvency process order by National Company Law Tribunal (NCLT).
A three-member bench of SJ Mukhopadhaya, AIS Cheema and Balvinder Singh said that it did not find any merit in the company’s appeal and ordered dismissal, Business Standard reported.
Earlier, one of Stayzilla’s founders, Yogendra Vasupal, had argued that there was a dispute and therefore the application under section 9 of the ‘I&B Code’ was not maintainable.
But the NCLAT bench found that the document preferred by Jigsaw Solutions, who initiation the insolvency proceedings against Stayzilla, was complete.
“As we find that there is n…
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