The Chennai bench of National Company Law Tribunal (NCLT) on Tuesday reserved order on the insolvency case filed against the now-defunct homestay start-up Stayzilla by city-based Jigsaw Solutions. The NCLT bench heard the arguments raised by both the parties and reserved the order.
The counsel for Jigsaw Solutions argued that it is seeking the unpaid dues for the job undertaken by demanding dissolution of the troubled home-stay start-up. The company was hired by Stayzilla to do outdoor and bus-shelter publicity for the latter. Countering the argument, the counsel for Stayzilla submitted that there were deficiencies in the works done by the vendor and accused Jigsaw of creating fake invoices to raise the bills.
Jigsaw requested for the initiation of corporate insolvency as an operational creditor under section 9 of the Insolvency & Bankruptcy Code 2016 against Inasra Technologies, the company which owns Stayzilla.
