As per a Ministry of Corporate Affairs (MCA) filing reviewed by Inc42, the board of Bengaluru-based startup 10Club has approved filing for insolvency under Section 10 of the Insolvency and Bankruptcy Code, 2016. The company also held a board meeting to seek shareholder approval for the same.
The development was first reported by Entrackr.
In an explanatory note, 10Club stated that its assets are insufficient to repay outstanding debts, and that the company appears to be insolvent on the surface.
Founded in 2020 by Bhavna Suresh, Joel Ayala, and Deepak Nair, 10Club operates as a roll-up ecommerce startup, partnering with Indian ecommerce sellers by acquiring their businesses and helping them scale.
Backed by investors such as Fireside…
