# In the matter of Manthan Broadband Services Private Limited

> NCLT judgment dated 2023-10-18. Citation: TCN-2023-NCLT-01143. The case involves an application filed by Regent Vinimay Private Limited in connection with a…

- **Court:** NCLT
- **Order date:** 18 Oct 2023
- **Citation:** TCN-2023-NCLT-01143
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/manthan-broadband-services-private-limited-3eaf2456

## Summary

### Background

The case involves an application filed by Regent Vinimay Private Limited in connection with a corporate insolvency resolution process (CIRP) initiated by Alliance Broadband Services Private Limited (Financial Creditor) against Manthan Broadband Services Private Limited (Corporate Debtor). The Section 7 petition was admitted on September 18, 2019, but no resolution was achieved, leading to a liquidation order on April 6, 2022, and the appointment of Mr. Kuldeep Verma as Liquidator. The Liquidator initiated an e-Auction process for the sale of the Corporate Debtor's assets, in which Regent Vinimay Private Limited participated.

## Facts

Alliance Broadband Services Private Limited initiated a corporate insolvency resolution process (CIRP) against Manthan Broadband Services Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on September 18, 2019, but the CIRP failed to achieve a resolution. Consequently, on April 6, 2022, the Tribunal ordered the liquidation of Manthan Broadband Services Private Limited and appointed Mr. Kuldeep Verma as the Liquidator. The Liquidator published a sale notice on December 6, 2022, for the sale of the Corporate Debtor as a going concern. Regent Vinimay Private Limited submitted an expression of interest on January 25, 2023, to participate in the e-Auction. They were asked to provide more documents via email on January 27,

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## Issues and analysis

### Issue 1: Whether the applicant, being the second-highest bidder (H-2) in an e-Auction process, is entitled …

**Ratio:** The right to a refund of the EMD for an unsuccessful bidder is contingent upon the

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**Reasoning:** The Tribunal reasoned that the applicant's claim for a refund is premature because the

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**Interpretation:** The interpretation hinges on the procedural aspects of the e-Auction process

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Appellants:** Regent Vinimay…
- **Respondents:** Manthan Broadband…; Kuldeep…

## Timeline

- **2019-09-18 — Section 7 Petition…**: The Section 7 petition filed by Alliance Broadband Services Private Limited against…
- **2022-04-06 — Liquidation…**: The Tribunal passed an order for the liquidation of Manthan Broadband Services Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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