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of <h1>Section 33 of Insolvency and Bankruptcy Code: Liquidation Process Initiation for Corporate Debtors Explained</h1> Section 33 of the Insolvency and Bankruptcy Code, 2016 outlines the initiation of liquidation for a corporate debtor. If the Adjudicating Authority does not receive or rejects a resolution plan within the specified period, it must order the liquidation of the corporate debtor, announce it publicly, and notify the relevant registration authority. If the committee of creditors decides to liquidate, the Authority must issue a liquidation order. Contravention of an approved resolution plan allows affected parties to apply for liquidation. Once liquidation is ordered, legal proceedings against the debtor are restricted, except those initiated by the liquidator with approval. The order serves as a discharge notice to the debtor's personnel, unless business operations continue.
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