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.
“We are satisfied that the corporate debtor (Stayzilla) has committed default in the payment. We order the commencement of the corporate insolvency process which shall get completed within 180 days, reckoning the day this order is passed,” the order of the NCLT read.
During the previous hearing of the case on Friday, technical member of NCLT, S Vijayaraghavan and judicial member Ch Mohd Sharief Tariq ha…
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