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NCLAT sets aside insolvency process against Dream 11's parent

The NCLAT held that NCLT could not have admitted the company to insolvency as the plea was time barred.

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Dream 11: NCLAT asks IRP of Dream 11 not to take steps for insolvency

NCLAT ordered the IRP of Sporta Technologies, operator of Dream 11, to maintain the company as a going concern, halting insolvency steps during the CIRP stay by NCLT Mumbai bench, after an urgent plea by Dream11 COO Bhavit Sheth.

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NCLAT asks IRP of Dream 11 to maintain it as a going concern; not to take steps for insolvency

The appellate tribunal said it has already stayed the Corporate Insolvency Resolution Process (CIRP) of the company.

Mumbai , Maharashtra , India , Bhavit-sheth , Madan-bajrang-lal-vaishnawa , Business-solutions , Insolvency-resolution-process , Reward-solutions , Bankruptcy-code , Reward-business-solutions , Sporta-technologies , Sports-technologies

NCLAT Stays NCLT's Insolvency Order against Dream11

The national company law appellate tribunal, while staying an order passed by the Mumbai bench of the national company law tribunal (NCLT) to initiate a corporate insolvency resolution process (CIRP) against Sporta Technologies Pvt Ltd, the parent of Dream11 fantasy sports platform, has directed the resolution professional (RP) not to take further steps in the resolution process.

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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.

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Dream 11 case: NCLAT stays NCLT order in Dream 11 case, directs IRP not to take any step till Feb 23

The National Company Law Appellate Tribunal (NCLAT) has stayed the NCLT Mumbai bench's order to initiate a Corporate Insolvency Resolution Process (CIRP) against Sporta Technologies, the operator of the fantasy sports platform Dream11. The stay will remain in effect until the next hearing on February 23.

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Latest News | NCLAT Stays NCLT Order in Dream 11 Case, Directs IRP Not to Take Any Step Till Feb 23

Get latest articles and stories on Latest News at LatestLY. The National Company Law Appellate Tribunal on Wednesday stayed the NCLT Mumbai bench order to initiate a corporate Insolvency Resolution Process (CIRP) against Sporta Technologies, which operates the fantasy sports platform Dream 11.
Latest News | NCLAT Stays NCLT Order in Dream 11 Case, Directs IRP Not to Take Any Step Till Feb 23.

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