Liquidation under insolvency law follows when no viable resolution plan emerges and creditors approve winding up.

Liquidation under the Insolvency and Bankruptcy Code is triggered where the corporate insolvency resolution process has concluded, the Committee of Creditors has approved liquidation with the requisite majority, and no viable resolution plan is available for approval. On the stated facts, those statutory prerequisites were treated as satisfied, so further deferment was considered unwarranted. The corporate debtor was ordered into liquidation, and the existing resolution professional was appointed as liquidator.

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Issues: Whether the Corporate Debtor should be ordered into liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 after the Committee of Creditors approved liquidation and no viable resolution plan was available.

Analysis: The Corporate Insolvency Resolution Process had run its course, the Committee of Creditors had considered the available resolution proposals, and no acceptable resolution plan emerged for approval. The Committee of Creditors had thereafter resolved, with the requisite majority, to recommend liquidation and to appoint the existing Resolution Professional as Liquidator. In these circumstances, the statutory prerequisites for liquidation under the insolvency framework stood satisfied, and there was no basis to defer the process further.

Conclusion: The Corporate Debtor was ordered to be liquidated and the Resolution Professional was appointed as Liquidator.

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