The National Company Law Tribunal (NCLT), Bengaluru, on 12 October permitted termination of the liquidation proceedings against Alpine Wineries Private Limited after its financial creditors’ dues were settled under one-time settlement agreements.
A Bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada allowed an application filed by Raghavendra Gowda, erstwhile director and shareholder of Alpine Wineries, seeking termination of the company’s liquidation proceedings. It held:
“Where, however, the Financial Creditors have received the amounts agreed under the settlement and there is no subsisting commercial claim of the principal Financial Creditors requiring further liquidation of the Corporate…