Liquidation initiation under insolvency law governs when resolution fails, enabling moratorium, liquidator appointment, and limited restoration. Initiation of liquidation under section 33 occurs where no resolution plan is received within the prescribed resolution period or where the plan is rejected for non-compliance. The adjudicating authority must order liquidation, issue a public announcement, send the order to the registering authority, declare a moratorium for specified proceedings, and appoint a liquidator. The provision also allows limited restoration of the corporate insolvency resolution process on a committee of creditors application supported by not less than sixty-six per cent voting share, and permits liquidation where an approved resolution plan is contravened.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Liquidation initiation under insolvency law governs when resolution fails, enabling moratorium, liquidator appointment, and limited restoration.
Initiation of liquidation under section 33 occurs where no resolution plan is received within the prescribed resolution period or where the plan is rejected for non-compliance. The adjudicating authority must order liquidation, issue a public announcement, send the order to the registering authority, declare a moratorium for specified proceedings, and appoint a liquidator. The provision also allows limited restoration of the corporate insolvency resolution process on a committee of creditors application supported by not less than sixty-six per cent voting share, and permits liquidation where an approved resolution plan is contravened.
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