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Dream11 insolvency: NCLAT tells IRP to take no further steps in Dream11 insolvency; NCLT order to remain for now

The counsel appearing for the co-founder and COO of Dream11, Bhavit Seth, had requested that no further steps be taken in the insolvency resolution professional, as any action will adversely affect the company which is preparing for the upcoming IPL season.

India , Mumbai , Maharashtra , Bhavit-seth , Madan-bajrang-lal-vaishnawa , National-company-law-tribunal , National-company-law-appellate-tribunal , Bankruptcy-code , Reward-solutions , Dream11-insolvency , Nclat , Irp

Dream11's parent company challenges insolvency petition in NCLAT appeal

On Tuesday, Sporta Technologies, the parent company of Dream11, lodged an appeal with the National Company Law Appellate Tribunal (NCLAT) in Delhi, challenging the National Company Law Tribunal (NCLT) Mumbai's recent decision to accept an insolvency petition. The insolvency petition, filed by Reward Solutions' resolution professional, alleged that Sporta Technologies defaulted on dues amounting to Rs 7.61 crore. I

Parel , Maharashtra , India , Delhi , Mumbai , Mangalam-vanijya , Bhavit-seth , Madan-bajarang-lal-vaishnawa , National-company-law-tribunal , National-company-law-appellate , Sporta-technologies , Reward-solutions