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 that the operational debtor (Stayzilla) has committed the default in making payment of outstanding debt to the corporate creditor (JigSaw Solutions) along with interest as claimed by the operational creditor.”
“We are satisfied that the corporate debtor has committed default in the payment. We order the commencement of the corporate insolvency process which …
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