NCLAT sets aside insolvency process against Dream 11 parent company

The National Company Law Appellate Tribunal (NCLAT) set aside the insolvency process against the parent company of the fantasy gaming platform Dream 11 for a default of Rs 7.61 crore.

Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra of NCLAT held that the application moved under Section 9 of the Insolvency and Bankruptcy Code (IBC) by the operational creditor (a person to whom an operational debt is owed) for insolvency was time-barred.