Liquidation under the Insolvency and Bankruptcy Code followed expiry of the resolution process without any resolution plan.

Where the corporate insolvency resolution process expired without any resolution plan, the statutory conditions for liquidation under the Insolvency and Bankruptcy Code, 2016 were satisfied. The Committee of Creditors unanimously resolved to liquidate the corporate debtor and to appoint the resolution professional as liquidator, and liquidation was ordered with that appointment.

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Issues: Whether liquidation of the corporate debtor was warranted for want of any resolution plan within the corporate insolvency resolution process period, and whether the resolution professional could be appointed as liquidator.

Analysis: The corporate insolvency resolution process had run its course, no resolution plan had been received within the prescribed period, and the Committee of Creditors had unanimously resolved to liquidate the corporate debtor and to appoint the resolution professional as liquidator. In these circumstances, the statutory conditions for liquidation under Section 33 of the Insolvency and Bankruptcy Code, 2016 were satisfied.

Conclusion: Liquidation of the corporate debtor was ordered and the resolution professional was appointed as liquidator.

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