Bengaluru: The Chennai bench of National Company Law Tribunal (NCLT) today ordered commencement of the corporate insolvency resolution process against online homestay startup Stayzilla and asked them to pay the outstanding dues to JigSaw Advertising and Solutions. “The operational creditor (Jigsaw) has fulfilled all the requirements of law …We are satisfied that corporate debtor (Stayzilla)…
People who say there is no such thing as failure have never either truly failed at anything or had to declare bankruptcy. Failure is not simply a blessing in disguise, a shut door that simultaneously swings open to a new one of superior realm of reward leading you to think “if only I had…
Empire Oil & Gas subsidiary Empire Oil Company has entered voluntary administration shortly after going into receivership. The Empire subsidiary entered receivership yesterday after lender Mineral Resources issued the company a default notice for a $15 million loan and a deed of appointment of receivers and managers. Deloitte was then appointed as receivers and managers…
by Gareth Cross Concerns have been raised over the future of around 40 engineering and manufacturing jobs in Derry after a local company entered administration. The Derry News understands that Sphere Global started liquidation proceedings last week and the jobs of around 40 staff at the company may be at risk. The company was founded…
Failure is real and it’s scary. For me, the failure of my restaurant business MissChu was a highly public and humiliatingly brutal end, signifying the collapse of all my hopes and dreams. It was a torrent of shame; the knots in my stomach, insomnia and depression are all too real and only half the battle.…
In a significant order that could have far-reaching implications on the start-up ecosystem in the country, a Division Bench of the National Company Law Tribunal (NCLT) in Chennai has ordered the initiation of corporate insolvency resolution process against Inasra Technologies Private Ltd. Inasra is the parent company of Stayzilla, an online homestay aggregator. The petition…
In a massive setback to online homestay startup, Stayzilla, the National Company Law Tribunal (NCLT) ordered insolvency proceedings against it. The Chennai bench of the NCLT, on Monday, said that the company had defaulted in payments to JigSaw Solutions and ordered for insolvency proceedings to begin. Stayzilla CEO Yogendra Vasupal “We are satisfied that the…
Stayzilla CEO says that this act is biased against companies and its important to be proactively litigious when they find any issues with vendors. The National Company Law Tribunal (NCLT), Chennai has ordered online homestay startup Stayzilla to become insolvent and pay the outstanding dues to JigSaw Advertising and Solutions. It was hearing the insolvency…
CHENNAI: The Chennai bench of the National Company Law Tribunal (NCLT) has ordered commencement of insolvency process against homestay aggregator Stayzilla. The matter relates to a case filed against Stayzilla by JigSaw Solutions. In an order dated September 15, NCLT technical member S Vijayaraghavan and judicial member Ch Mohd Sharief Tariq said, “It is established…
ROCKWELL Diamonds said it was puzzled by a decision to return its subsidiaries to provisional liquidation as it had received an offer in excess of its liquidation value. Business Rescue practitioner (BRP) Metis Strategic Advisors made a motion yesterday in the Kimberley High Court to place Rockwells subsidiaries into provisional liquidation. The BRP also informed…