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) committed default in making payment of outstanding debt,” NCLT said in its order. “Therefore, we order commencement of the corporate insolvency resolution process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed,” it said.
Jigsaw had alleged Stayzilla had defrauded it to the tune of about Rs 1.68 c…
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