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…
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. Stayzilla CEO Yogendra Vasupal “We are satisfied that the…
Stayzilla CEO says that this act is biased against companies and its important to be proactively litigious when they find any issues with vendors. The National Company Law Tribunal (NCLT), Chennai has ordered online homestay startup Stayzilla to become insolvent and pay the outstanding dues to JigSaw Advertising and Solutions. It was hearing the insolvency…
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…
ROCKWELL Diamonds said it was puzzled by a decision to return its subsidiaries to provisional liquidation as it had received an offer in excess of its liquidation value. Business Rescue practitioner (BRP) Metis Strategic Advisors made a motion yesterday in the Kimberley High Court to place Rockwells subsidiaries into provisional liquidation. The BRP also informed…
Taylor Dow Property Group, which paid high commissions and other incentives to mortgage brokers, has been placed in liquidation. Worrells Solvency & Forensic Accountants has been appointed to wind up the company that recently claimed to have last year sold $2 billion of Australian property to buyers in seven countries. A creditors’ meeting was held…
A court is expected to hand down a ruling on the challenge to the CBS takeover of Ten. Media moguls Bruce Gordon and Lachlan Murdoch are reportedly continuing their legal battle against the CBS takeover of the Ten Network after losing a Supreme Court challenge on Monday. As creditors of the embattled Ten Network prepare…
Australian media mogul Bruce Gordon has lost his court case against the Ten Network’s administrators KordaMentha and US media giant CBS. Key points: Media owners had argued the creditors’ report was deficient because it only presented information about the CBS bid However, the judge was not satisfied there were any deficiencies in the report…
VANCOUVER (miningweekly.com) Canadian alluvial diamond miner Rockwell Diamonds said Friday it remains in the dark as to why business rescue practitioner (BRP) Metis Strategic Advisors had chosen on Thursday to file a motion in the Kimberley High Court to place the three subsidiaries back in provisional liquidation, when a rescue offer is set to be…
Only hours before the administrator of the failed home automation group Leisuretech who own the A Bus patent, was set to recommend that the Company be placed into liquidation, he was approached with an offer to settle by the directors of the failed Company, however as of today no offer has been made. Questions are…