I am just posting this small fix that can help many to deal with W32Time ERror. I had faced this error a number of time. All you need is to add the right combination of entries and it will start working. You can find this kind of errors in event logs and performance report. The commands that I had mentioned below worked for me and I thought to share it to help those who are dealing with the same kind of problem.
w32tm /config /manualpeerlist:"timeserver/timeserver" /syncfromflags:MANUAL
w32tm /config /update
net stop w32time
net start w32time
w32tm /resync /nowait