Dream 11 co-founder Bhavit Sheth filed an application claiming that the application seeking initiation of insolvency against Dream 11 was barred under Section 10A of IBC.
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.
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.