Jet Airways lenders, led by the State Bank of India, have moved the Supreme Court challenging the NCLAT order upholding the resolution plan proposed by the Jalan-Kalrock Consortium.
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 (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.
This is the second company with Choksi as promoter to be admitted for liquidation. The first was Nakshatra World, another jewellery retailer that was admitted into liquidation in July 2021.
The Mumbai bench of the NCLT refused to grant urgent interim reliefs today and posted the application for hearing on March 12 after giving Sony and Zee two weeks to respond.