The case involves multiple applications (IA (I.B.C)/334(KB)2023, IVN.P(IBC)/14(KB)2023, IA (I.B.C)/497(KB)2023) within the context of a corporate insolvency resolution process (CIRP) initiated against Manthan Broadband Services Private Limited (Corporate Debtor) under C.P. (IB)/1634(KB)2018. Alliance Broadband Services Private Limited, the Financial Creditor, initiated the CIRP. The core dispute revolves around the sale of 77,500 shares of Alliance held by Manthan, which are being auctioned off as part of the liquidation process. The suspended board of Manthan is contesting the auction, alleging irregularities and undervaluation. The Liquidator is seeking to proceed with the auction, asserting that the shares are part of the liquidation estate and that the auction is
…Alliance Broadband Services Private Limited (Alliance) extended a loan of Rs. 10.20 crores to Manthan Broadband Services Private Limited (Manthan). As security, Manthan pledged 77,500 shares of Alliance to Alliance. Manthan was admitted into insolvency on 2019-09-18 under CP (IB) No. 1634/KB/2018, and a liquidation order was passed on 2022-04-06. The Liquidator initiated a sale of Manthan's assets, including the pledged shares, inviting Expressions of Interest (EOI) on 2023-01-11. Kalyankari Texfab Private Limited deposited Rs. 90 lakhs as earnest money to participate in the e-auction. On 2023-02-14, the NCLT permitted the e-auction subject to the outcome of IA(IB) No. 334/KB/2023. Kalyankari Texfab emerged as the highest bidder at the e-auction with a bid of Rs. 9.61
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CIRP initiated against Manthan Broadband…
Manthan was adm…
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The case involves multiple applications (IA (I.B.C)/334(KB)2023, IVN.P(IBC)/14(KB)2023, IA (I.B.C)/497(KB)2023) within the context of a corporate insolvency resolution process (CIRP) initiated against Manthan Broadband Services Private Limited (Corporate Debtor) under C.P. (IB)/1634(KB)2018. Alliance Broadband Services Private Limited, the Financial Creditor, initiated the CIRP. The core dispute revolves around the sale of 77,500 shares of Alliance held by Manthan, which are being auctioned off as part of the liquidation process. The suspended board of Manthan is contesting the auction, alleging irregularities and undervaluation. The Liquidator is seeking to proceed with the auction, asserting that the shares are part of the liquidation estate and that the auction is
…Alliance Broadband Services Private Limited (Alliance) extended a loan of Rs. 10.20 crores to Manthan Broadband Services Private Limited (Manthan). As security, Manthan pledged 77,500 shares of Alliance to Alliance. Manthan was admitted into insolvency on 2019-09-18 under CP (IB) No. 1634/KB/2018, and a liquidation order was passed on 2022-04-06. The Liquidator initiated a sale of Manthan's assets, including the pledged shares, inviting Expressions of Interest (EOI) on 2023-01-11. Kalyankari Texfab Private Limited deposited Rs. 90 lakhs as earnest money to participate in the e-auction. On 2023-02-14, the NCLT permitted the e-auction subject to the outcome of IA(IB) No. 334/KB/2023. Kalyankari Texfab emerged as the highest bidder at the e-auction with a bid of Rs. 9.61
…CIRP initiated against Manthan Broadband…
Manthan was adm…
Sign in to view related legal provisions.