Thrasio-Style 10Club Moves NCLT To Initiate Insolvency Proceedings

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SUMMARY

10Club’s board has given its nod to file insolvency application under Section 10 of the Insolvency and Bankruptcy Code, 2016

The startup said that the company’s assets are not sufficient to pay off the debts

Founded in 2020 by Bhavna Suresh, Joel Ayala and Deepak Nair, 10Club partners with ecommerce product sellers in India by acquiring their businesses

10Club is winding down its operations soon as the Thrasio-style startup has initiated insolvency proceedings before the national company law tribunal (NCLT).

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Thrasio-Style 10Club Moves NCLT To Initiate Insolvency Proceedings


SUMMARY

10Club’s board has given its nod to file insolvency application under Section 10 of the Insolvency and Bankruptcy Code, 2016

The startup said that the company’s assets are not sufficient to pay off the debts

Founded in 2020 by Bhavna Suresh, Joel Ayala and Deepak Nair, 10Club partners with ecommerce product sellers in India by acquiring their businesses

10Club is winding down its operations soon as the Thrasio-style startup has initiated insolvency proceedings before the national company law tribunal (NCLT).

As…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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