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Issues: Whether, after rejection of the resolution plan by the Committee of Creditors with 100% voting share, the Corporate Debtor was liable to be ordered into liquidation and a liquidator appointed.
Analysis: The application was filed under section 33 of the Insolvency and Bankruptcy Code, 2016 after the resolution plan had been rejected by the Committee of Creditors in its commercial decision. The order records that the Adjudicating Authority cannot sit in appeal over the commercial wisdom of the Committee of Creditors and that, once the statutory conditions are met, the approved course is liquidation. The minutes of the Committee of Creditors also reflected approval for liquidation and consent for appointment of a liquidator. The proposed liquidator's consent was on record, and the Tribunal acted on that recommendation.
Conclusion: The application was allowed, liquidation of the Corporate Debtor was ordered, and Mr. Rajat Mukherjee was appointed as Liquidator.
Ratio Decidendi: The Adjudicating Authority cannot interfere with the commercial wisdom of the Committee of Creditors, and upon rejection of the resolution plan and satisfaction of the statutory requirements, liquidation under section 33 of the Insolvency and Bankruptcy Code, 2016 may be ordered with appointment of a liquidator under section 34.
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