NCLAT asks IRP of Dream 11 not to take steps for insolvency
Sporta Technologies, which operates the fantasy sports platform Dream 11, not to take any steps towards insolvency and keep the company as a going concern. The appellate tribunal said it has already stayed the Corporate Insolvency Resolution Process (CIRP) of the company.
«We only clarify that IRP is directed not to take any steps in the CIRP, however, IRP being in the place shall keep the company as a going concern,» the NCLAT said in its order.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitMITMIT Technology Leadership and InnovationVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitThe NCLAT, on February 14, stayed the NCLT Mumbai bench order to initiate a corporate Insolvency Resolution Process (CIRP) against Sporta Technologies.
<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-109043409»>
It had stayed the NCLT order over an urgent petition moved by Dream11 co-founder and COO Bhavit Sheth.
Dream 11 is the title sponsor of the IPL T20 cricket league also.
The NCLT had directed to initiate CIRP against Dream 11 over a petition filed by its operational creditor Reward Solutions under section 9 of the Insolvency & Bankruptcy Code (IBC), claiming dues of Rs 7.61 crore.
It had also appointed Madan Bajrang Lal Vaishnawa as IRP for Sporta Technologies.
Reward Solutions itself is going through an insolvency resolution process, and the plea was filed by its resolution professional.
In 2019, a license agreement was executed between Reward Business Solutions, the licensor,
