India, May 8 -- Listed gaming major Nazara Technologies has received approval from the National Company Law Tribunal (NCLT) for its resolution plan to buy insolvency-ridden sports entertainment startup Smaaash Entertainment.

In an exchange filing, Nazara said, "We wish to inform you that the resolution plan submitted by the company for acquisition of Smaaash Entertainment Private Limited has been approved by the National Company Law Tribunal, Mumbai, by an order pronounced on May 07, subject to a modification of the provisos to the term effective date."

The online gaming company received the letter of intent (LoI) to acquire Smaaash in August last year. During which, Nazara's board also "in-principally" approved availing a bank guarante...