India, May 8 -- 10Club is winding down its operations soon as the Thrasio-style startup has initiated insolvency proceedings before the national company law tribunal (NCLT).

As per an MCA filing assessed by Inc42, 10Club's board has given its nod to file insolvency application under Section 10 of the Insolvency and Bankruptcy Code, 2016 and held a meeting to obtain shareholders approval on it.

Entrackr reported the development first.

The startup in its explanatory statement said that its assets are not sufficient to pay off the debts and keeping in view that the company prima facie appears to be insolvent.

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