Manthan Broadband Services Private Limited, which is under liquidation, has announced an e-auction of its assets worth over Rs 31 crore on October 9, 2025. The auction will be conducted by the company’s liquidator, Mr. Sandip Mitra, under the orders of the National Company Law Tribunal (NCLT), Kolkata Bench, which initiated the liquidation process on April 6, 2022.
The auction will be held between 11:00 AM and 3:00 PM (IST) on the BAANKNET platform (formerly Bikroy). Assets will be sold on an “AS IS WHERE IS, AS IS WHAT IS, WHATEVER THERE IS, AND NO RECOURSE” basis.
Assets on sale
- Block A: Land with assets at Mouza-Tajpur, P.S. Ramnagar, East Medinipur, West Bengal. Area: approx. 3 acres. Reserve price: ₹3.55 crore.
- Block B: Land with assets at Mouza-Tajpur, P.S. Ramnagar, East Medinipur, West Bengal. Area: approx. 10.095 acres. Reserve price: ₹11.95 crore. (Title deeds not in liquidator’s possession).
- Block C: Land with assets at Mouza-Tajpur, P.S. Ramnagar, East Medinipur, West Bengal. Area: approx. 13.065 acres. Reserve price: ₹15.50 crore. (Title deeds for only 3 acres are available with the liquidator).
Bidder requirements
Interested bidders must register on the BAANKNET auction portal and submit eligibility documents along with an undertaking under Section 29A of the Insolvency and Bankruptcy Code by October 4, 2025. The Earnest Money Deposit (EMD) must be submitted by October 6, 2025.
The highest bidder will be liable to bear stamp duty, legal fees, transfer charges, GST, and other applicable taxes. The balance sale consideration must be paid within 30 days of demand; payments beyond this period will attract 12% interest. Failure to pay within 90 days may lead to cancellation of the sale.
The liquidator has reserved the right to cancel or modify the auction or disqualify bidders without assigning any reason. Full details and the E-Auction Process Information Document are available on the BAANKNET portal.
The National Company Law Tribunal (NCLT) in Kolkata on 18th September 2019 admitted a petition for the initiation of a Corporate Insolvency Resolution Process (CIRP) against Manthan Broadband Services Private Limited. The application was filed by Alliance Broadband Services Private Limited, which serves as the financial creditor in the case.
The NCLT bench found that Manthan Broadband Services had defaulted on a financial debt. The total claimed default amount was Rs. 11,06,15,268, which included a principal amount of Rs. 10.20 crore and accrued interest. InsolvencyTracker