SUMMARY
Reward Solutions filed the insolvency plea against Sporta Technologies for an alleged rent default of over INR 7.6 Cr
In its order, the NCLT said that Reward Solutions effectively proved the presence of both “operational debt” and “default”, while the Dream11 parent acknowledged its liability
The Tribunal appointed an interim resolution professional for the case and asked Sporta Technologies to deposit INR 2 Lakh towards the initial cost of the insolvency process
The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted an insolvency plea against Sporta Technologies, the parent company of gaming unicorn Dream11, for an alleged rent default of over INR 7.6 Cr.
The insolvency plea was filed by Piyush Jani on behalf of Reward Solutions Pvt Ltd. As per the court filings, Reward Solutions entered a five-year lease and licence agreement with Sporta Technologies for two units in a tower in a business park in Mumbai in 2019.
The agreement outlined a monthly…