NCLT) has admitted Sporta Technologies, which owns India’s largest fantasy sports platform Dream11, under the corporate insolvency resolution process (CIRP) on an application filed by the resolution professional of Reward Solutions.
The tribunal appointed Madan Bajrang Lal Vaishnawa as the interim resolution professional to conduct the insolvency resolution process.
Piyush Jani, the resolution professional for Reward Solutions, had approached the NCLT to initiate insolvency proceedings against Sporta after the company defaulted on its dues of about Rs 7.61 crore.
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Incidentally, Reward Solutions has also been admitted under the CIRP by the NCLT.
“The corporate debtor (Sporta Technologies), in the exercise of its due diligence and reasonable prudence, should have made the payment then and logically saved itself from the rigours of consequent CIRP,” the division bench of judicial member Reeta Kohli and technical member Madhu Sinha said in its order of February 9. “Considering the above facts, we are of the considered view that this petition deserves to be admitted under Section 9 of the code (Insolvency and Bankruptcy Code).”
Sporta Technologies declined to comment on the order.
People close to the development said the matter is most likely to be settled outside the court.
The matter pertains to December 2019, when Mumbai-based Reward Solutions, owner of office premises at Lower Parel in Central Mumbai, entered into a lease and licence agreement with Sporta Technologies for five years.
The agreement had a