Key Points
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..
However, it has also directed the Interim Resolution Professional (IRP), appointed by the National Company Law Tribunal (NCLT) after suspending the board of Dream 11, not to take any further steps till the next date of hearing, scheduled for February 23...
A three-member bench of the appellate tribunal also issued notice to the IRP of Sporta Technologies and Resolution Professional of Reward Business Solution, directing them to file a reply within a week...
Opposing it, Sports Technologies in its petition filed before the appellate tribunal said the NCLT in its order ignored the fact that the demand "period from March 27, 2020, to March 26, 2021, is squarely covered/exempted under Section 10A of the Insolvency and Bankruptcy Code, 2016"...
On this ground alone, the Impugned Order is bad in law, and deserves to be set aside," it said.. Section 10A mandates no application for initiation of a corporate insolvency resolution process (CIRP) can be filed against any debtor by any financial and operational creditor for any default arising on or after March 25, 2020, for a period of one year...
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