WebinarsNew
Explore Business Standard
Stayzilla
The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by Stayzilla, a home-stay start-up, against the insolvency process order by NCLT.A bench comprising justice S J Mukhopadhaya, chairperson, justice AIS Cheema, member (judicial) and Balvinder Singh, member (technical) has said it did not found any merit in the appeal and ordered dismissal of the same.Earlier, arguing the case a counsel for Yogendra Vasupal, one of the founders of Stayzilla, argued that there was existence of a dispute and therefore, the application under Section 9 of the 'I&B Code' was not maintainable.However, NCLAT bench observed that from the enclosure attached to the appeal, they find that the document preferred by Jigsaw Solutions under whose initiation an insolvency process was ordered against Stayzilla, was complete."In so far dispute is concerned, any observations with regard to individual officer if made by a court of law or in a communication made by Jigsaw, the same cannot be ...
The dispute between Stayzilla, the online accommodation aggregator and one of its vendor Jigsaw has seen a new turn with the latter approching National Company Law Tribunal (NCLT) seeking remedy. The NCLT Bench on Thursday has adjourned the matter for hearing to next week.The company approached the NCLT seeking to initiate insolvency procedures, since Stayzilla has failed to pay the dues and stopped operations without clearing dues, said Aditya CS, founder of Jigsaw. Stayzilla founder Yogendra Vasupal did not comment on the NCLT matter.It may be noted that the dispute between the two companies triggered a series of discussions in the industry. The issue cme to the light after Stayzilla announced its plan to halt operations with its existing model, with plans to restart with a different business model. Vasupal was arrested on March 14 on charges of allegedly cheating after Jigsaw complained that the dues of over Rs 1.69 crore were not paid by Stayzilla. Jigsaw complained that it was ...
Stayzilla founder Yogendra Vasupal, arrested last month on a charge of cheating filed by an earlier client company, says he's contemplating what next to do to clear his company of the allegedly false allegations.A Jigsaw Advertising and Solutions had complained that dues of Rs 1.69 crore were not being paid by Stayzilla, the accommodation bookings marketplace which had earlier suspended its operations.Vasupal says his investors offered to settle the disputed amount with Jigsaw while he was in jail but he'd declined to settle, though cash was never a constraint.In a thank you note by the start-up founder, published in online publishing platform Medium, he's emphasized that the charges are all false. "My tip to all entrepreneurs in TN -- carry your favorite toothbrush with you at all times, as you never know when you might wake up in prison the next day!" he's said.Adding: "Looking at me in prison, myiInvestors offered to settle the amount to help me. They had even come to meet me ...
Yogendra Vasupal, one of the founders of online accommodation aggregator Stayzilla, has filed a bail petition with the Madras High Court, almost three weeks after he was arrested by the police on a complaint filed by one of its vendors.His bail application was earlier dismissed by a Special Metropolitan Court and a Principal Sessions Court. An anticipatory bail petition filed by co-founder Sachit Singhi was also dismissed by the Principal Sessions Court.Vasupal was arrested on March 14 on charges of cheating after a vendor Jigsaw Advertising and Solutions complained that dues of over Rs 1.69 crore were not paid by the company that suspended its operations.The senior counsel appeared for Vasupal argued that it was a civil case and criminal charges were foisted to put pressure on him. Various industry bodies had earlier united behind Vasupal and sought intervention of the government to secure his release. Leaders of various industry bodies including CII Start Up Council Chairman Kris ..
A bail petition by Stayzilla founder Yogendra Vasupal was rejected by a court here, even as his co-founders continued to campaign for intervention by entities in the segment and the government to secure his release.Vasupal, founder of the online accommodation aggregator, was arrested on March 14 on a charge of cheating, after a vendor complained that dues of Rs 1.69 crore were not paid by the company that had also suspended its operations.A metropolitan magistrate dismissed the bail petition even as Vasupal's counsels argued it was a civil case and criminal charges were foisted to put pressure on him. On Wednesday, business bodies had supported Vasupal and sought intervention of the government. S Gopalakrishnan, chairman of the Start-Up Council of the Confederation of Indian Industry and Ravi Gururaj, executive council member of Nasscom, the software sector's apex association, said there was an immediate need to lay guidelines on business closures.Start-ups had, they said, become a .
A day after the police has submitted its report to the Court, Yogendra Vasupal, founder of online accomodation and stays aggegator Stayzilla, has moved his plea for bail.Confirming that the bail petition has been moved today, legal sources said that it will be posted for objections on Monday and after hearing, the orders will be issued.Vasupal was arrested by the police in Chennai on March 14 forenoon, on a complaint by an advertising firm Jigsaw Solutions, for allegedly cheating them for around Rs 1.5 crore and alleged criminal breach of trust and criminal intimidation. Sachit Singhi, one of the three founders, on Tuesday evening wrote an e-mail to the investors that Vasupal is missing and was last seen in a police station. Various entrepreneurs running start ups and investors extended their support to Vasupal following this.StayZilla decided to halt operations in February and said it was looking at a different business model. "This has been one of the toughest decisions I have taken
India's startup leaders including Flipkart founder Sachin Bansal rallied behind Yogendra Vasupal, the founder of Stayzilla who was arrested by the Chennai police on fraud charges, seeking intervention of Prime Minister Narendra Modi and local leaders in both Karnataka and Tamil Nadu.Snapdeal founder Kunal Bahl, who has been under attack by vendors over delayed payments, says that he was also a victim of people with bad intentions"Many startup founders, including myself, have seen the ugliness of getting on the wrong side of people with bad intentions," Bahl wrote on micro blogging platform Twitter.The All India Online Vendors Association (AIOVA) has complained that Snapdeal owes vendors dues for over eight months and was in talks to resolve the issue."We stand together with entrepreneurs, startup India needs your support," Flipkart founder Sachin Bansal wrote on the micro blogging platform Twitter, appealing to Modi. "Let the law take its course, but intimidation of Stayzilla ...