The case involves a dispute over the liquidation of Manthan Broadband Services Private Limited. Alliance Broadband Services Private Limited, a financial creditor, initiated corporate insolvency resolution process (CIRP) against Manthan. The primary issue revolves around the sale of 77,500 shares of Alliance held by Manthan, which is undergoing liquidation. The suspended board of Manthan challenged the e-auction of these shares, claiming they are undervalued and subject to a security interest that has not been properly relinquished. Several IAs were filed, including one by Kalyankari Texfab Private Limited, seeking to intervene as the highest bidder in the e-auction. The liquidator sought permission to proceed with the sale and issue a Letter of Intent (LOI) to the
…1. Alliance Broadband Services Private Limited (Alliance) extended a loan of Rs. 10.20 crores to Manthan Broadband Services Private Limited (Manthan).
2. Manthan pledged 77,500 shares of Alliance to Alliance as security for the loan.
3. Manthan was admitted into insolvency on 2019-09-18 under CP (IB) No. 1634/KB/2018.
4. A liquidation order was passed against Manthan on 2022-04-06.
5. The Liquidator initiated a process to sell the said shares, inviting Expressions of Interest (EOI) on 2023-01-11.
6. Kalyankari Texfab Private Limited deposited Rs. 90 lakhs as earnest money to participate in the e-auction.
7. On 2023-02-14, the Tribunal permitted the e-auction to proceed, subject to the outcome of IA(IB) No. 334/KB/2023.
8. Kalyankari Texfab emerged as the highest bidder in the
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Shares pledged…
Manthan admitted to…
The case involves a dispute over the liquidation of Manthan Broadband Services Private Limited. Alliance Broadband Services Private Limited, a financial creditor, initiated corporate insolvency resolution process (CIRP) against Manthan. The primary issue revolves around the sale of 77,500 shares of Alliance held by Manthan, which is undergoing liquidation. The suspended board of Manthan challenged the e-auction of these shares, claiming they are undervalued and subject to a security interest that has not been properly relinquished. Several IAs were filed, including one by Kalyankari Texfab Private Limited, seeking to intervene as the highest bidder in the e-auction. The liquidator sought permission to proceed with the sale and issue a Letter of Intent (LOI) to the
…1. Alliance Broadband Services Private Limited (Alliance) extended a loan of Rs. 10.20 crores to Manthan Broadband Services Private Limited (Manthan).
2. Manthan pledged 77,500 shares of Alliance to Alliance as security for the loan.
3. Manthan was admitted into insolvency on 2019-09-18 under CP (IB) No. 1634/KB/2018.
4. A liquidation order was passed against Manthan on 2022-04-06.
5. The Liquidator initiated a process to sell the said shares, inviting Expressions of Interest (EOI) on 2023-01-11.
6. Kalyankari Texfab Private Limited deposited Rs. 90 lakhs as earnest money to participate in the e-auction.
7. On 2023-02-14, the Tribunal permitted the e-auction to proceed, subject to the outcome of IA(IB) No. 334/KB/2023.
8. Kalyankari Texfab emerged as the highest bidder in the
Shares pledged…
Manthan admitted to…