The case involves a writ petition filed by Culver Max Entertainment Private Limited (formerly known as Sony Pictures Networks India Ltd.) against an order passed by the National Company Law Tribunal (NCLT). The NCLT order pertained to the liquidation of Manthan Braodband Services Pvt. Ltd., a Corporate Debtor, and the status of certain shares pledged with Alliance Broadband Services Pvt. Ltd. (respondent no. 3). The petitioner challenges the NCLT's decision regarding the treatment of these shares under Regulation 21-A of the IBBI (Liquidation Process) Regulations, 2016, arguing that it adversely affects their rights as a secured creditor.
Manthan Braodband Services Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) which culminated in liquidation proceedings initiated on April 6, 2022. Alliance Broadband Services Pvt. Ltd. (respondent no. 3) initiated the insolvency petition under Section 7 of the IBC. Alliance claimed to be a secured creditor with a pledge over 77,500 equity shares of Manthan. Culver Max Entertainment Private Limited (Sony), the petitioner, is also a secured creditor of Manthan. The NCLT directed the sale of Manthan's assets, including the shares allegedly pledged with Alliance. The Liquidator filed an application to approve the sale. Alliance had also filed a civil suit seeking a declaration of pledge. The NCLT passed an order under Regulation 21-A of the IBBI
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Alliance Broadband Services Pvt. Ltd. filed an…
Alliance filed a civil suit seeking a…
The case involves a writ petition filed by Culver Max Entertainment Private Limited (formerly known as Sony Pictures Networks India Ltd.) against an order passed by the National Company Law Tribunal (NCLT). The NCLT order pertained to the liquidation of Manthan Braodband Services Pvt. Ltd., a Corporate Debtor, and the status of certain shares pledged with Alliance Broadband Services Pvt. Ltd. (respondent no. 3). The petitioner challenges the NCLT's decision regarding the treatment of these shares under Regulation 21-A of the IBBI (Liquidation Process) Regulations, 2016, arguing that it adversely affects their rights as a secured creditor.
Manthan Braodband Services Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) which culminated in liquidation proceedings initiated on April 6, 2022. Alliance Broadband Services Pvt. Ltd. (respondent no. 3) initiated the insolvency petition under Section 7 of the IBC. Alliance claimed to be a secured creditor with a pledge over 77,500 equity shares of Manthan. Culver Max Entertainment Private Limited (Sony), the petitioner, is also a secured creditor of Manthan. The NCLT directed the sale of Manthan's assets, including the shares allegedly pledged with Alliance. The Liquidator filed an application to approve the sale. Alliance had also filed a civil suit seeking a declaration of pledge. The NCLT passed an order under Regulation 21-A of the IBBI
…Alliance Broadband Services Pvt. Ltd. filed an…
Alliance filed a civil suit seeking a…