NCLAT sets aside Dream 11’s insolvency
The National Company Law Appellate Tribunal (NCLAT) on April 18 set aside the corporate insolvency resolution process against Sporta Technologies, parent company of leading fantasy gaming platform Dream 11 and restored it to its pre-insolvency stage.
The NCLAT held that the National Company Law Tribunal (NCLT) could not have admitted the company to insolvency as the plea was time barred. The appellate tribunal has asked the company to pay the Resolution Professional (RP) the costs that have been incurred to keep the company running from February 9 to now.
The NCLAT, on February 14, stayed the NCLT Mumbai bench order to initiate a corporate Insolvency R…
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