The case subsequently went to the NCLT with the tribunal issuing an order initiating a corporate insolvency resolution process (CIRP) and appointed an insolvency resolution professional (IRP).In a further setback for Yogendra Vasupal, the founder of the shut online home-stay start-up Stayzilla, a Supreme Court division bench has dismissed an appeal by him challenging the insolvency proceedings ordered by the Chennai bench of National Company Law Tribunal (NCLT). Vasupal, once a poster boy of the start-up community, moved the apex court after the National Company Law Appellate Tribunal (NCLAT) dismissed Stayzillas appeal against the insolvency order. Stayzilla was caught in a web of legal tangle after Chennai-based Jigsaw S…
Read the full article at: http://www.financialexpress.com/industry/setback-for-stayzillas-yogendra-vasupal-as-sc-dismisses-appeal-against-insolvency/1108322/