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.
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.
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.