In a recent ruling The National Company Law Tribunal (NCLT), New Delhi, has refused to admit an insolvency petition filed against the operator of Legends League Cricket and held that the alleged dues of ₹1.24 crore under the Player Agreement could not be treated as operational debt, pointing to inconsistencies in the contract and ambiguities over liability clauses.
The applicant Shikhar Dhawan had sought initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC), claiming unpaid dues of ₹1.24 crore under a Player Agreement.
The applicant argued that Absolute Legends Sports Pvt. Ltd. had contractually bound itself to pay his full player fee of…