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 was filed by one of its vendors, Jigsaw Advertising and Solutions. NCLT has also appointed an interim resolution professional to take charge of the management of the corporate debtor.
Jigsaw went to NCLT as Inasra Technologies defaulted in payment of its dues to the tune of 1.69 crore.
Citing the criminal case filed by Jigsaw and pointing to the compliance money deposit…
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