Tribunal approves liquidation order for Corporate Debtor. Resolution Professional appointed as Liquidator.

The Tribunal approved the liquidation order for the Corporate Debtor as no resolution plan was received during the Corporate Insolvency Resolution Process. The Resolution Professional, appointed as Liquidator, will oversee the liquidation process in compliance with the Insolvency & Bankruptcy Code, 2016. The Tribunal directed the Liquidator to manage the affairs of the Corporate Debtor, initiate legal actions when necessary, and submit a Preliminary Report within the specified timeframe.

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Issues involved:
Liquidation order sought by Resolution Professional under Sections 33 & 34 of Insolvency & Bankruptcy Code, 2016.

Analysis:
- The Tribunal admitted the petition under Section 9 of IBC, 2016, initiating Corporate Insolvency Resolution Process against the Corporate Debtor. The Resolution Professional was appointed to replace the Interim Resolution Professional.
- The Committee of Creditors (CoC) received claims from various creditors and appointed a Resolution Professional unanimously in the Second Meeting. Subsequent meetings discussed eligibility criteria for Expression of Interest (EOI).
- Despite issuing a public announcement inviting EOIs, no responses were received from prospective resolution applicants until the deadline.
- In the Fifth Meeting, the CoC resolved to liquidate the Corporate Debtor due to the absence of any EOI responses. The Resolution Professional expressed inability to continue as Liquidator.
- The Resolution Professional filed an application seeking liquidation of the Corporate Debtor under Sections 33 & 34 of the Code, which was approved by the CoC with 100% voting share.
- Section 33 of the Code mandates liquidation if no resolution plan is received within the CIRP period. Since no plan was submitted, the Tribunal passed the order of liquidation.
- Following the liquidation order, the Resolution Professional appointed for the CIRP process acts as the Liquidator. A new Liquidator was nominated due to the previous Professional's inability to continue.
- The Tribunal allowed the application, ordering the liquidation of the Corporate Debtor, directing the Liquidator to proceed as per the Code and Regulations.
- All powers of the Corporate Debtor's management cease to have effect, vested in the Liquidator. A Public Announcement of liquidation is required, and the moratorium order ceases to have effect.
- The Liquidator is authorized to initiate legal proceedings as necessary, subject to approval, and fees are to be paid as per regulations. A Preliminary Report must be submitted within the specified time frame.

This detailed analysis covers the key aspects of the judgment, outlining the process leading to the liquidation order and the subsequent steps to be taken in accordance with the Insolvency & Bankruptcy Code, 2016.

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