# In the matter of Alpine Wineries Private Limited IA No. 152-2021 in C.P. (IB) No.286-BB-2019

> NCLT judgment dated 2021-12-22. Citation: TCN-2021-NCLT-00062. The case pertains to an application filed by the Resolution Professional (RP) of Alpine…

- **Court:** NCLT
- **Order date:** 22 Dec 2021
- **Citation:** TCN-2021-NCLT-00062
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alpine-wineries-private-limited-ia-no-152-2021-in-cp-ib-no286-bb-2019-ae4471ce

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of Alpine Wineries Private Limited, seeking an order for liquidation of the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Alpine Wineries Private Limited based on an application filed by Pridhvi Asset Reconstruction and Securitisation Company Limited under Section 7 of the IBC. The CIRP was admitted on December 17, 2019, and an Interim Resolution Professional (IRP) was appointed. Public announcement was made, and a Committee of Creditors (CoC) was constituted. The CoC confirmed the appointment of the IRP as RP. The RP appointed registered valuers to determine the liquidation value of

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## Facts

Pridhvi Asset Reconstruction and Securitisation Company Limited initiated Corporate Insolvency Resolution Process (CIRP) against Alpine Wineries Private Limited by filing C.P. (IB) No.286/BB/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 17.12.2019. Mr. Ravindranath Narayana Rao was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 19.12.2019. The Committee of Creditors (CoC) was constituted, and they confirmed the appointment of the IRP as Resolution Professional (RP) on 10.01.2020. The RP appointed registered valuers to determine the liquidation value. The CoC held meetings to consider extension of time for submission of a resolution plan. The RP received Expressions of Interest (EOI).

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## Issues and analysis

### Issue 1: Whether the conditions for liquidation under Section 33(1) of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, provides that where the

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**Reasoning:** The Adjudicating Authority noted that the CIRP period had expired on 20.04.2021 and that

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**Interpretation:** Section 33(1) of the IBC outlines the circumstances under which the

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**Application:** In this case, the CIRP period had expired, and no resolution plan had been

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Respondents:** Alpine Wineries…

## Timeline

- **2019-12-17 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) was admitted against Alpine Wineries…
- **2019-12-19 — Public Annou…**: Public announcement was made…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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