This case involves an application challenging an E-auction notice dated January 11, 2023, concerning the sale of shares of the corporate debtor, Alliance Broadband Services Pvt. Ltd., during liquidation. The applicants, who are members of the suspended board of directors of Manthan Broadband Services Pvt. Ltd., contend that they are guarantors to the Financial Creditors and that the failure to realize dues from the liquidation process would prejudice them. They argue that the majority shareholders of Alliance devised a stratagem to obtain the shareholding of Alliance by initiating CIRP against Manthan. They also claim that Alliance has not relinquished its security interest in the shares, making the sale a violation of regulations. The liquidator argues that the shares

This case involves an application challenging an E-auction notice dated January 11, 2023, concerning the sale of shares of the corporate debtor, Alliance Broadband Services Pvt. Ltd., during liquidation. The applicants, who are members of the suspended board of directors of Manthan Broadband Services Pvt. Ltd., contend that they are guarantors to the Financial Creditors and that the failure to realize dues from the liquidation process would prejudice them. They argue that the majority shareholders of Alliance devised a stratagem to obtain the shareholding of Alliance by initiating CIRP against Manthan. They also claim that Alliance has not relinquished its security interest in the shares, making the sale a violation of regulations. The liquidator argues that the shares