# In the matter of Alpine Realtech Pvt. Ltd. IA & 4932-2020, IA-3172,4142,4360 & 5483-2022 in (IB)-1221(ND)2018

> NCLT judgment dated 2023-03-28. Citation: TCN-2023-NCLT-04033. The case involves multiple IAs (Interlocutory Applications) filed in relation to the CIRP…

- **Court:** NCLT
- **Order date:** 28 Mar 2023
- **Citation:** TCN-2023-NCLT-04033
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/alpine-realtech-pvt-ltd-ia-4932-2020-ia-317241424360-5483-2022-in-ib-1221nd2018-fd3b62b3

## Summary

### Background

The case involves multiple IAs (Interlocutory Applications) filed in relation to the CIRP (Corporate Insolvency Resolution Process) of Alpine Realtech Pvt. Ltd. under Section 7 of the IBC (Insolvency and Bankruptcy Code), 2016. The IAs pertain to issues such as non-payment of CIRP costs, reconsideration of resolution plans, and directing the IRP (Insolvency Resolution Professional) to put a resolution plan for consideration before the CoC (Committee of Creditors). The CIRP commenced on 12.03.2019.

## Facts

The CIRP of Alpine Realtech Pvt. Ltd. commenced on 12.03.2019 under Section 7 of the IBC, 2016. Punjab & Sind Bank is the applicant/petitioner. Several IAs were filed, including IA-4932/2020 concerning non-payment of CIRP costs and RP fees, where Punjab & Sind Bank stated they paid their contribution of Rs. 13,89,468/- till December 2019. IA-4360/2022 sought reconsideration of four resolution plans considered between 01.08.2022 and 09.08.2022 but not approved by the CoC. IA-5483/2022 requested directing the IRP to present the applicant's resolution plan to the CoC, opposed by both the IRP and Punjab & Sind Bank, citing that the bank's debt exceeded Rs. 100 crores and the plan proposed only Rs. 12 crores. A liquidation application (IA-4142/2022) has already

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## Issues and analysis

### Issue 1: Whether IA-4932/2020 regarding non-payment of CIRP cost and RP fees should be referred to IBBI for …

**Ratio:** The extant rules and regulations, particularly Regulation 34 & 39B of IBBI (IRCP)

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**Reasoning:** The court determined that the issue of non-payment of CIRP costs and RP fees falls under

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**Interpretation:** The IBBI regulations provide a framework for addressing issues related to CIRP

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**Application:** The court directed the application to be referred to IBBI for examination and

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** Punjab & Si…
- **Respondents:** Alpine Realtech…; M/s. Alpine…

## Timeline

- **2019-03-12 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP)…
- **2019-12-01 — CIRP Cost Cont…**: Punjab & Sind Bank stated they paid their CIRP cost contribution till December 2019 (270…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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