# In the matter of Alps Industries Ltd

> NCLT judgment dated 2024-09-13. Citation: TCN-2024-NCLT-00600. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 13 Sept 2024
- **Citation:** TCN-2024-NCLT-00600
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/alps-industries-ltd-c985c51b

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Edelweiss Asset Reconstruction Company Limited (acting as trustee of EARC Trust - SC 30) against M/s Alps Industries Limited. The application seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against Alps Industries Limited due to a default on financial debt. The financial creditor, Edelweiss, claims that Alps Industries Limited defaulted on a total financial debt of Rs. 31,39,72,61,640 as of February 27, 2024, with the date of default being March 30, 2009. Edelweiss, as an asset reconstruction company, acquired the debt from various banks, including State Bank of Mysore, State Bank of Patiala, UCO Bank, State Bank of Hyderabad, Export-Import Bank

…

## Facts

Edelweiss Asset Reconstruction Company Limited, acting as trustee of EARC Trust - SC 30, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Alps Industries Limited. The application was filed on 2024-06-04. The financial creditor claims a total financial debt of Rs. 31,39,72,61,640 as of February 27, 2024, with the date of default being March 30, 2009. Edelweiss acquired the debt from several banks, including State Bank of Mysore, State Bank of Patiala, UCO Bank, State Bank of Hyderabad, Export-Import Bank of India, Punjab National Bank, and State Bank of Bikaner and Jaipur. The corporate debtor underwent multiple restructuring agreements and CDR mechanisms but failed to meet its repayment obligations. The corporate debtor

…

## Issues and analysis

### Issue 1: Whether the application is filed …

**Ratio:** Article 137 of the Limitation Act, 1963, defines a period of 3 years for filing an

…

**Reasoning:** The Corporate Debtor executed a Master Restructuring Agreement (MRA) dated 2009-11-25

…

**Interpretation:** Section 18 of the Limitation Act, 1963, provides that if, before the expiration

…

**Application:** The NCLT applied Section 18 of the Limitation Act, 1963, to the facts of the

…

## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Edelweiss Asset…
- **Respondents:** M/S ALPS INDUSTRIE…

## Timeline

- **2009-03-30 — Date of D…**: The Corporate Debtor defaulted…
- **2011-09-03 — Master Restructuring…**: A Master Restructuring Agreement was entered into between the Corporate Debtor and CDR…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/alps-industries-ltd-c985c51b