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The National Company Law Tribunal (NCLT) has passed an order in the insolvency proceeding against Satyazila. However an appeal was filed against the order and the Supreme Court has passed an interim order in the appeal ordering for status quo freezing the Insolvency Resolution Process (IRP).
The appeal was filed by the Satyazila owner Yogendra Vasupal before the SC seeking time for replying to Jigsaw Solution- advertising vendor with whom he has a dispute of Rs. 1.7 crore and he has further sought for a week’s time for any future listing for filing rejoinder. Both the parties have been ordered to maintain the status quo till this time by the SC.
Initially the case was filed before the NCLT Chennai by the Jigsaw Solution in which NCLT observed that Satyazila has defaulted in making dues which initiated a 180 day long IRP to be headed by the professional. Yogendra Vasupal filed an appeal against this order before the SC.
The counsel appearing on behalf of Mr. Vasupal submitted that the presence of a pre-existing dispute and pending criminal case, erodes the necessity for the implementation of the Insolvency and Bankruptcy Code (IBC).
The pre-existing dispute came into light through an online post onto the startup scene. Mr. Vasupal soon after the complaint by the Jigsaw Solution was arrested by the police on account of cheating.